Question 4: Jerry's Concrete allows his customers to create six-month promissory notes on any stamped concrete driveway project with interest at 8.9%. Three months after completing a $17,300 job on February 2, 2022, Jerry had some liquidity problems and sold the promissory note to a financial institution at a simple interest rate of 10.35%. Calculate Jerry's proceeds on the sale

Question 4: Jerry's Concrete allows his customers to create six-month promissory notes on any stamped concrete driveway project with interest at 8.9%. Three months after completing a $17,300 job on February 2, 2022, Jerry had some liquidity problems and sold the promissory note to a financial institution at a simple interest rate of 10.35%. Calculate Jerry's proceeds on the sale

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

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 8RE

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