QUESTION 2On March 1, 2018, Bodie Co. accepted a $7,900 face value note as evidence of a loan it made to T Company. The note had a 11 percent interest rate and aone-year term. What is the interest revenue recognized by Bodie in 2018

Solution: Time period in 2018 = March 1 to Dec 31 = 10 months Face value of note = $7,900 Interest…

Answered: On March 1, 2018, Bodie Co. accepted a…

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 March 1, 2018, Bodie Co. accepted a $7,900 face value note as evidence of a loan it made to T Company. The note had a 11 percent interest rate and a one-year term. What is the interest revenue recognized by Bodie in 2018