Harmony Corp. received the following promissory notes from various customers during 2020 in the course of selling its merchandise: six-month 12% note for 54,000 90-day 10% note for 31,000 One-year 20% note for 114,000 All these notes were collected at their maturity dayes during the year How much is the total interest income to be recorded by Harmony Corp. during 2020?
Harmony Corp. received the following promissory notes from various customers during 2020 in the course of selling its merchandise: six-month 12% note for 54,000 90-day 10% note for 31,000 One-year 20% note for 114,000 All these notes were collected at their maturity dayes during the year How much is the total interest income to be recorded by Harmony Corp. during 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Harmony Corp. received the following promissory notes from various customers during 2020 in the course of selling its merchandise:
six-month 12% note for 54,000
90-day 10% note for 31,000
One-year 20% note for 114,000
All these notes were collected at their maturity dayes during the year
How much is the total interest income to be recorded by Harmony Corp. during 2020?
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