Assume Port City Credit Union completed these transactions: Show what the company would report for these transactions
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Show what the company would report for these transactions on its 2010 and 2011 balance sheets and incomestatements.
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2010 Apr 1 Dec 31 Loaned $125,000 to Lee Franz on a one-year, 12% note. Accrued interest revenue on the Franz note. 2011 Apr Collected the maturity value of the note from Franz principal plus interest).
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Related Book For
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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