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Find what is the initial recognition of the notes

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Reference no: EM132604537

Question 1: On January 1, 2020, Jerome Co. received a 10%, four-year note from a customer. The interest on the note is paid every June 30 and December 31. The note has a face value of ?3,500,000. The effective rate applicable on the note is 12%. What is the initial recognition of the notes?

A. ?3,282,657.22

B. ?3,287,385.55

C. ?3,726,212.45

D. ?3,721,890.58

Reference no: EM132604537

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