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What is the initial recognition of the notes

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Question 1: On January 1, 2020, Jerome Co. received a 9%, three-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 ?3,000,000. The effective rate applicable on the note is 7%. What is the initial recognition of the notes?

Group of answer choices

A. ?3,157,458.96

B. ?3,159,856.59

C. ?3,000,000.00

D. ?2,845,263.83

Reference no: EM132604524

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