What amount of interest revenue should be included, Accounting Basics

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What amount of interest revenue should be included

On January 1, 2007, Abel Co. exchanged equipment for a $160,000 noninterest-bearing note due on January 1, 2010. The prevailing rate of interest for a note of this type at January 1, 2007 was 10%. The present value of $1 at 10% for three periods is 0.75. What amount of interest revenue should be included in Abel's 2008 income statement?

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Accounting Basics: What amount of interest revenue should be included

Reference No:- TGS087687

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Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What amount of interest revenue should be included

Reference No:- TGS087687

Recent Questions Asked Accounting Basics

Q : How long-project expected take if no activities accelerated

Q : The physiological role of each of the molecules

Q : What types of project communication implement

Q : What is the evidence for dinosaur feeding behavior

Q : What amount of interest revenue should be included

Q : Evaluate project risks equally important-success of project

Q : Metabolism reliable as evidence of dinosaur metabolism

Q : What amount should nott report as interest expense

Q : Explain the worst possible reports from a system

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