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On January 1, 2015, Oxford Company finished consultation services and accepted in exchange a promissory...

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Accounting

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On January 1, 2015, Oxford Company finished consultation services and accepted in exchange a promissory note with a face value of $600,000 and a due date of December 31, 2017. The stated rate of interest is 5% with interest receivable at the end of each year through 12/31/17. Assume an effective interest rate of 10% is implicit in the agreed-upon price. The effective amortization method is used. The 12/31/16 balance of the Discount on Note Receivable account will be: Select one: a $34,710 b. $27,269 c. $52,063 d. $22,063 e. $24,867

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