Mason company sold some machinery to the finney company on, Ask an Expert

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Mason Company sold some machinery to the Finney Company on January 1, 2004. The cash selling price would have been $473,850. Finney entered into an installment sales contract which required annual payments of $125,000, including interest at 10%, over five years. the first payment was due on December 31, 2004. what amount of interest income should be included in Mason's 2005 income statement (the second year of the contract)?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9973328

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