n January 1, 2013, ABC Inc. sold services to a customer in exchange for a...
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n January 1, 2013, ABC Inc. sold services to a customer in exchange for a $200,000, 10%, note receivable, with the principal due at the end of 5 years and interest paid quarterly. The customers normal borrowing rate is 8%. 5) Determine interest revenue reported on the income statement for this note for the period ended December 31, 2015. a. $39,684 b. $27,957 c. $16,750 d. $4,147
6) Determine the balance of the Premium account on March 31, 2015. a. $788 or $789 b. $9,787 or $9,786 c. $12,858 or $12,859 d. $26,281 or $26,282
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