The masterson company accepted a 30000 120 day 11 interest, Ask an Expert

Accounting

The Masterson Company accepted a $30,000, 120 day, 11% interest bearing note dated December 15, 2007 from one of their customers. The customer eventually paid the note at its maturity value. Based on a 360-day year, what amount should Masterson report as interest expense or revenue from this note transaction?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91970273

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