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QUESTION
Bosworth CorporationBosworth Corporation accepted a 5 year note receivable from Steelman Company on January 1, Year 1. The note is for $750,000,...
Bosworth CorporationBosworth Corporation accepted a 5 year note receivable from Steelman Company on January 1, Year 1. The note is for $750,000, which will be due at the maturity of the note. The note has a stated interest rate of 10%; however the prevailing market interest rate is 12%. The note requires interest payments on June 30 and December 31.Refer to Bosworth Corporation. What will be the interest revenue recorded on June 30, Year 1
