On January 1, 2022 Bernard borrowed $5,000 by signing a 1-year note payable at 6% interest. He used the money to purchase 2,000 common shares of Import Ltd., a Canadian public corporation for $2.50 per share. In 2022 Import Ltd. paid eligible dividends of $0.35 per share. On January 1, 2023 Bernard repaid the $5,000 he borrowed plus $300 in interest. What is Bernard's 2022 income from property? Question content area bottom Part 1 A.$700 B.$966 C.$666 Your answer is correct.D.$400

On January 1, 2022 Bernard borrowed $5,000 by signing a 1-year note payable at 6% interest. He used the money to purchase 2,000 common shares of Import Ltd., a Canadian public corporation for $2.50 per share. In 2022 Import Ltd. paid eligible dividends of $0.35 per share. On January 1, 2023 Bernard repaid the $5,000 he borrowed plus $300 in interest. What is Bernard's 2022 income from property? Question content area bottom Part 1 A.$700 B.$966 C.$666 Your answer is correct.D.$400

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 January 1, 2022 Bernard borrowed $5,000 by signing a 1-year note payable at 6% interest. He used the
money to purchase 2,000 common shares of Import Ltd., a Canadian public corporation for $2.50 per share. In
2022 Import Ltd. paid eligible dividends of $0.35 per share. On January 1, 2023 Bernard repaid the $5,000 he
borrowed plus $300 in interest. What is Bernard's 2022 income from property? Question content area bottom
Part 1 A.$700 B.S966 C.$666 Your answer is correct.D.$400

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