Linden inc had the following note and interest receivable

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Reference no: EM13569720

Linden, Inc. had the following note and interest receivable account balances at Dec. 31, 2012: note receivable from sale of division $1,500,000 and interest Receivable $90,000 During 2012: The $1,500,000 note receivable is dated May 1, 2012, bears interest at 9% and represents the balance of the consideration received from the sale of Linden's electronics division to Pitt Company. The note requires Pitt to make 3 payments of principal and interest, with each payment due annually on may 1, 2013,2014, and 2015. The 2012 year-end adjusting entry to accrue interest was correctly recorded and reported on the Dec. 31, 2012 Balance sheet. Collection of the note installments is reasonably assured.

Reference no: EM13569720

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