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What the amount receivable from the bank

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Reference no: EM132820158

Randy Company accepted from a customer a P4,000,000, 90-day, 12% interest bearing note dated August 31, 2005. On September 30, 2005, Randy discounted the note at Family Bank at 15%. However, the proceeds were not received until October 1, 2005.

Problem 1: In the September 30, 2005 balance sheet, the amount receivable from the bank, based on a 360 day year includes accrued interest income of:

A. 17,000
B. 21,000
C. 30,000
D. 24,000

Reference no: EM132820158

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