On September 1, 2023, Bright moor Ltd. accepted a $12,000 face value note as evidence of a loan it made to Oak bend Corp. The note had a 9% annual interest rate and a one- year term. What is the interest revenue recognized by Bright moor Ltd. in 2023?

On September 1, 2023, Bright moor Ltd. accepted a $12,000 face value note as evidence of a loan it made to Oak bend Corp. The note had a 9% annual interest rate and a one- year term. What is the interest revenue recognized by Bright moor Ltd. in 2023?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 10MC: On January 1, 2019, Park Company accepted a 36,000, non-interest-bearing, 3-year note from a major...

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Question

Financial Accounting Question please answer

On September 1, 2023, Bright moor Ltd. accepted a $12,000 face value note as evidence
of a loan it made to Oak bend Corp. The note had a 9% annual interest rate and a one-
year term.
What is the interest revenue recognized by Bright moor Ltd. in 2023?

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