On January 1, 2017, Ann Price loaned $243243 to Joe Kiger. A zero-interest-bearing note (face amount,...
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On January 1, 2017, Ann Price loaned $243243 to Joe Kiger. A zero-interest-bearing note (face amount, $315000) was exchanged solely for cash; no other rights or privileges were exchanged. The note is to be repaid on December 31, 2019. The prevailing rate of interest for a loan of this type is 9. The present value of $315000 at 9% for three years is $243243, What amount of interest income should Ms. Price recognize in 20177 O $21892. $66400. $28350. O $85050. Click if youu would like to Show Work for this question: Open Show Work On January 1, 2017, Ann Price loaned $243243 to Joe Kiger. A zero-interest-bearing note (face amount, $315000) was exchanged solely for cash; no other rights or privileges were exchanged. The note is to be repaid on December 31, 2019. The prevailing rate of interest for a loan of this type is 9. The present value of $315000 at 9% for three years is $243243, What amount of interest income should Ms. Price recognize in 20177 O $21892. $66400. $28350. O $85050. Click if youu would like to Show Work for this question: Open Show Work
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Advanced Accounting
ISBN: 978-1259444951
13th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupni
Posted Date:
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