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On December 31, 2025, Concord Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Concord Co. agreed to accept a $254,300 zero-interest-bearing note due December 31, 2027, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 12%. Concord is much more creditworthy and has various lines of credit at 7%.

On December 31, 2025, Concord Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Concord Co. agreed to accept a $254,300 zero-interest-bearing note due December 31, 2027, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 12%. Concord is much more creditworthy and has various lines of credit at 7%.

FINANCIAL ACCOUNTING
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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On December 31, 2025, Concord Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Concord Co. agreed to accept a $254,300 zero-interest-bearing note due December 31, 2027, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 12%. Concord is much more creditworthy and has various lines of credit at 7%.
Transcribed Image Text:On December 31, 2025, Concord Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Concord Co. agreed to accept a $254,300 zero-interest-bearing note due December 31, 2027, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 12%. Concord is much more creditworthy and has various lines of credit at 7%.
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