Consider the following independent scenarios. a. On 1 March this year, a company accepts a $10 000,
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Question:
Consider the following independent scenarios.
a. On 1 March this year, a company accepts a $10 000, 5 percent, eight-month note receivable.
b. On 1 September last year, a company accepts a $20 000, 8 percent, six-month note receivable.
c. On 15 December last year, a company accepts a $15 000, 10 percent, four-month note receivable.
Required
Assuming a 30 June (this year) year-end, calculate current-year interest revenue for each scenario.
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Related Book For 
Auditing and Assurance services an integrated approach
ISBN: 978-0134065823
16th edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Chris E. Hogan
Posted Date:
