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Compute for the total interest income to be recognized

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Problem 1: Compute for the total interest income to be recognized in 2020. Lucky company received four promissory notes from different individuals

Date of the note

Face Value

Rate

Term of the note

August 8, 2019

13,000

7%

180 days

October 7, 2019                  1 22,000

8%

60 days

November 12, 2019           1 26,000

8%

60 days

January 6, 2020                    128,000

9%

90 days

Reference no: EM132785264

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