On December 1, 2024, Davenport Company sold merchandise to a customer for $20,000. In payment for the
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On December 1, 2024, Davenport Company sold merchandise to a customer for $20,000. In payment for the merchandise, the customer signed a 6% note requiring the payment of interest and principal on March 1, 2025. How much interest revenue will the company recognize during 2024? In 2025?
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