On October 1,2011, Coast Financial loaned Barr Corporation ($ 300,000), receiving in exchange a nine-month, 12 percent
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On October 1,2011, Coast Financial loaned Barr Corporation \(\$ 300,000\), receiving in exchange a nine-month, 12 percent note receivable. Coast ends its fiscal year on December 31 and makes adjusting entries to accrue interest earned on all notes receivable. The interest earned on the note receivable from Barr Corporation during 2012 will amount to:
a. \(\$ 9,000\).
b. \(\$ 18,000\).
c. \(\$ 27,000\).
d. \(\$ 36,000\).
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Related Book For 
Financial And Managerial Accounting
ISBN: 12
14th International Edition
Authors: Jan R. Williams, Joseph V. Carcello, Mark S. Bettner, Sue Haka, Susan F. Haka
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