Multiple Choice
On May 1, 2011 (maturity date) , the note is collected in full by Salem Corporation. Assuming a fiscal year-end of December 31, Salem recognizes which of the following in its income statement for 2011 with regard to this note?
A) $927,000 sales revenue.
B) $27,000 interest revenue.
C) $18,000 interest revenue.
D) $9,000 interest revenue.
Correct Answer:
Verified
Correct Answer:
Verified
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