Mcdonald's company sells inventory .on January 1, 2023 mc sols to buyer limited a machine with a list price of $60,000.The cost of the inventory was $29,000. Mc collected $10,000 cash (downpayment0 and a three-year note receivable with a face value of $50,000. The note bears interest at 3% per annum, payable each December 31. Assume a market rate of interest for this type of note is 7% per annum. Mc uses the gross method to account for the note receivable at December 31,2023 after the first interest payment has been received by mc,

 What should be the balance in the account discount on note receivable?

Answer rating: 100% (QA)

To calculate the balance in the account Discount on Note Receivable we need to first calculate the p... View the full answer