Dubois Inc. loans money to John Kruk Corporation in the amount of $836,000. Dubois accepts an 8%
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Dubois Inc. loans money to John Kruk Corporation in the amount of $836,000. Dubois accepts an 8% note due in 6 years with interest payable semi annually. After 2 years (and receipt of interest for 2 years), Dubois needs money and therefore sells the note to Chicago National Bank, which demands interest on the note of 10% compounded semi annually. What is the amount Dubois will receive on the sale of the note?
Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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