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On September 1, 2021, Middleton Corp. lends cash and accepts a $1,200 note receivable that offers 6% interest and is due in six months. How much interest revenue will Middieton Corp. report during 2021? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.

On September 1, 2021, Middleton Corp. lends cash and accepts a $1,200 note receivable that offers 6% interest and is due in six months. How much interest revenue will Middieton Corp. report during 2021? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...
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On September 1, 2021, Middleton Corp. lends cash and accepts a $1,200 note receivable that offers 6% interest and is due in six months. How much

interest revenue will Middleton Corp. report during 2021? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)
 
On September 1, 2021, Middleton Corp. lends cash and accepts a $1,200 note receivable that offers 6% Interest and is due in six months. How much interest revenue will Middleton Corp. report during 2021? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $72 $24. $192. $168.
Transcribed Image Text:On September 1, 2021, Middleton Corp. lends cash and accepts a $1,200 note receivable that offers 6% Interest and is due in six months. How much interest revenue will Middleton Corp. report during 2021? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $72 $24. $192. $168.
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