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Determine the amount of interest revenue

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Question Problem 1: On November 1, Jovel Company loaned another company $130,000 at a 9.0% interest rate. The note receivable plus interest will not be collected until March 1 of the following year. The company's annual accounting period ends on December 31. The amount of interest revenue that should be reported in the first year is:

  1. $0
  2. $7000
  3. $5675
  4. $17700
  5. $1950

Reference no: EM132463205

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