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Hi! Could you explain why this answer is wrong and what the correct answer is? Thanks!
Required information SB On November 1, 2017, Salem Corporation sold.. [The following information applies to the questions displayed below. On November 1, 2017, Salem Corporation sold land priced at $520,000 in exchange for a 6%, six-month note receivable. MC Qu. 163 Assuming the maker of the note defaults on... Assuming the maker of the note defaults on May 1, 2018, Salem will record on this date Multiple Choice An accounts receivable in the amount of $520,000, as well as interest revenue of $10,400. An accounts receivable in the amount of $520,000, as well as interest expense of $15,600. An accounts receivable of $520,000 from the maker of the note. An accounts receivable in the amount of $535,600, as well as interest revenue of $10,400
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