Compute the interest accrued on each of the following notes receivable held by Southland, Inc., on December 31:

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Computing Accrued Interest 

Compute the interest accrued on each of the following notes receivable held by Southland, Inc., on December 31: (Use 360 days for interest calculation. Round to the nearest dollar.)


Maker
Date of
Note

Principal
Interest
Rate

Term
Maple November 21 $20,000 10% 120 days
Wyman December 13 14,000 9% 90 days
Nahn December 24 21,000 6% 60 days

 

Maple: Answer
Wyman: Answer
Nahn: Answer
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