Blossom & Co. sold goods with a market price of $156000 on April 1. They...
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Accounting
Blossom & Co. sold goods with a market price of $156000 on April 1. They accepted a note from Kingbird Inc. for $156000 due in two years, with interest paid each year on April 1, bearing 8% interest. If 8% interest approximates the market rate of interest for this transaction, how much interest should be accrued at the company's December 31 year-end?
$9360
$24960
$6240
$12480
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