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On June 1, 2023, Carla Vista Corp. loaned Flint Corp. $660,000 on a 5% note, payable in five annual instalments of $132,000 (plus interest), beginning January 2, 2024. Interest on the note is payable on the first day of each month beginning July 1, 2023. Flint made timely payments through November 1, 2023. On January 2, 2024, Carla Vista received payment of the first principal instalment plus all interest due. At December 31, 2023, Carla Vista's interest receivable on this loan is: a. $2,750. b. $0. c. $5,500. d. $8,250.

On June 1, 2023, Carla Vista Corp. loaned Flint Corp. $660,000 on a 5% note, payable in five annual instalments of $132,000 (plus interest), beginning January 2, 2024. Interest on the note is payable on the first day of each month beginning July 1, 2023. Flint made timely payments through November 1, 2023. On January 2, 2024, Carla Vista received payment of the first principal instalment plus all interest due. At December 31, 2023, Carla Vista's interest receivable on this loan is: a. $2,750. b. $0. c. $5,500. d. $8,250.

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 June 1, 2023, Carla Vista Corp. loaned Flint Corp. $660,000 on a 5% note, payable in five annual instalments of $132,000 (plus interest), beginning January 2, 2024. Interest on the note is payable on the first day of each month beginning July 1, 2023. Flint made timely payments through November 1, 2023. On January 2, 2024, Carla Vista received payment of the first principal instalment plus all interest due. At December 31, 2023, Carla Vista's interest receivable on this loan is: a. $2,750. b. $0. c. $5,500. d. $8,250.
Transcribed Image Text:On June 1, 2023, Carla Vista Corp. loaned Flint Corp. $660,000 on a 5% note, payable in five annual instalments of $132,000 (plus interest), beginning January 2, 2024. Interest on the note is payable on the first day of each month beginning July 1, 2023. Flint made timely payments through November 1, 2023. On January 2, 2024, Carla Vista received payment of the first principal instalment plus all interest due. At December 31, 2023, Carla Vista's interest receivable on this loan is: a. $2,750. b. $0. c. $5,500. d. $8,250.
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