INTERMEDIATE ACCOUNTING 17E - UNC CHARL
INTERMEDIATE ACCOUNTING 17E - UNC CHARL
17th Edition
ISBN: 9781119631828
Author: Kieso
Publisher: WILEY
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Chapter 6, Problem 3UJ
To determine

Interest cost: An amount payable to the lender at a specific rate agreed by both the lender and the receiver at regular intervals is termed interest.

  • (a)

To determine the interest rate charged by Person J.

To determine

  • (b)

To determine the dollar amount to be recorded as notes receivable by Person J.

To determine

  • (c)

Analysis:

To determine the fair value of the receivables.

To determine

  • (d)

Principles:

To determine the way by which the fair value of historical costs involves a trade-off.

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7.2 Ch 7: Notes Payable and Interest, Revenue recognition explained; Author: Accounting Prof - making it easy, The finance storyteller;https://www.youtube.com/watch?v=wMC3wCdPnRg;License: Standard YouTube License, CC-BY