Question on july 1 2016 empire inc lends 12600 to a, Ask an Expert

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Question: On July 1, 2016, Empire Inc. lends $12,600 to a customer and receives a 8% note due in two years. Interest is due in full on July 1, 2018, the due date of the note. What is the amount of Interest Revenue that will be reported on Empire's income statement for the year ended December 31, 2016?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92573912

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