Hermes Inc. received on January 1, 2017, a $22,800 4-year zero-interest bearing note for lending $16,400 to Phoenix Co. Hermes financial year ends December 31. Round to the nearest whole number. The discount rate on the note is

Hermes Inc. received on January 1, 2017, a $22,800 4-year zero-interest bearing note for lending $16,400 to Phoenix Co. Hermes financial year ends December 31. Round to the nearest whole number. The discount rate on the note is

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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