The following information applies to the questions displayed belowJ Riley Company borrowed $20,000 on April...
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The following information applies to the questions displayed belowJ Riley Company borrowed $20,000 on April 1 Year 1 from Titan Bank. The note issued by Riley carried a one-year term and a 7% annual interest rate. Riley earned cash revenues of $860 during Year 1 and $800 during Year 2, Assume no other Based on this alone, what is the amount of net income (oss that will be reported on the Year 2 income statement? 350 O 9450 $1150
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