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What amount should be reported as current assets

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Question - N Company received 10% promissory note on July 1, 2022 with a face amount of 300.000. The principal amount of the note is due to be collected on June 30, 2025 while the interest on the note is due every June 30, starting June 30, 2023. The market rate of interest of this kind of note is 10%.

A. How much is the interest income for the year ended December 31, 2022?

B. How much is the interest income for the year ended December 31, 2023?

C. What amount should be reported as current assets in relation to the note on December 31, 2023?

D. What amount should be reported as non-current assets in relation to the note on December 31, 2023?

E. What amount should be reported as current assets in relation to the note on December 31, 2024?

F. What amount should be reported as non-current assets in relation to the note on December 31, 2024?

Reference no: EM133149105

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