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Journalize interest on the note is due annually on january

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Problem 1: On January 1, 2023, we received a $490,000, 3% interest, 4-year note for goods sold. The cost of the goods sold was $275,000. The prevailing market interest rate is 10% at the time the note is received. Interest on the note is due annually on January 1.

Reference no: EM132955436

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