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Exam 2 Review: Intermediate Accounting 201 Ivy Tech 2025 Questions and Answers
Exam 2 Review: Intermediate Accounting 201 Ivy Tech 2025 Questions and Answers
Course:
APHY 201
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APHY 201
Exam 2 Review: Intermediate Accounting 201 Ivy Tech 2025 Questions and Answers
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| Uploaded on: | September 10, 2025 |
| Last updated: | September 10, 2025 |
| Number of pages: | 137 |
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| Type: | Exam (elaborations) |
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| Tags: | Exam 2 Review: Intermediate Accounting 201 Ivy Tech 2025 Questions and Answers |
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Exam 2 Review: Intermediate Accounting 201 Ivy Tech 2025 Questions and Answers Clancy Co. accepted a two-year noninterest-bearing note for $1,166,400 on January 1, 2020. The note was accepted as payment for merchandise with a fair value of $1,000,000. The effective interest rate is 8%. The cash collection on December 31, 2021, would be recorded as: a. Discount on notes receivable 86,400 Cash 1,166,400 Notes receivable 1,166,400 Interest revenue 86,400 b. Cash 1,166,400 Notes receivable 1,166,400 c. Cash 1,166,400 ....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
