Question: A 1 . On January 2 , 2 0 2 4 , Wuycik received a promissory note from a customer as consideration in an inventory

A1. On January 2,2024, Wuycik received a promissory note from a

1 .

On January

2, 2024,

Wuycik received a promissory note from a customer as consideration in an inventory sale transaction. Wuycik recorded the sale, but it has not yet recorded the interest earned on the note during

2024 .

The

4 %,

33, 625

term note requires the customer to pay interest annually each January

1, 2025

through

2027 .

The relevant market rate of interest on the issue date was

8 % .

customer as consideration in an inventory sale transaction. Wuycik recorded the sale,

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