Question: On December 3 1 , 2 0 2 4 , the company sold an appliance for $ 1 , 2 0 0 . The company

On December 31,2024, the company sold an appliance for $1,200. The company received $500 cash and a note from the customer for $700 and $240 interest, to be paid at the rate of $10 a month for 24 months. Because of the customers poor credit record, the fair market value of the note was only $600. The cost of the appliance was $750.

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