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Question - On January 2, 20X1, Jensen Corporation sells equipment it manufactured to Lewisburg Fabricators in exchange for an $80,000 note due in five years. The note bears no stated interest rate, but requires the entire $80,000 to be repaid at the end of five years. Jensen recently sold the same equipment to another company for $54,447. When Lewisburg Fabricators sought bank financing for this purchase the company was offered the funds at 8%, but decided to let Jensen hold the note.
What amount will Jensen recognize as interest income during 20X1?
What amount will Jensen recognize as interest income during 20X2?
On October 1, 2009, the Jenkins Corporation bought bonds with a face value of $200,000 for $199,175, which included accrued interest.
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