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Chen Inc. accepted a two-year non interest-bearing note for $605,000 on January 1, 2016. The note was accepted as payment for merchandise with a fair value of $500,000. The effective interest rate is 10%.
1. The cash collection on December 31, 2017, would be recorded as:
a)
Cash
605,000
Discount on note receivable
105,000
Note receivable
Interest revenue
b)
500,000
c)
d)
55,000
2. The entry to record interest on December 31, 2016 would be:
50,000
Interest receivable
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