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QUESTION
On August 31, 2005, Andrews Company sold merchandise to Hudson Company in the amount of $12,000.
23. On August 31, 2005, Andrews Company sold merchandise to Hudson Company in the amount of $12,000. Hudson signed a note promising to pay Andrews in nine months along with interest (at an annual rate of 18%). On December 31, Andrews adjusted its books for year end reporting. How much interest revenue has been earned by Andrews in 2005?
