Rex Corporation accepted a $10,000, 5% interest bearing note from Brooks Inc. on December 1,...
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Accounting
Rex Corporation accepted a $10,000, 5% interest bearing note from Brooks Inc. on December 1, 2018 in exchange for machinery with a list sales price of $9,500. The note is payable on December 1, 2021. If the prevailing interest rate is 8%, what revenues should Rex report in its income statement for the year ended December 31, 2018?
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