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13 January, 19:20

Montana Furniture Mart sold $120,000 of furniture on June 30 and accepted the customer's $120,000 10% 1-year note payable in exchange. Montana Furniture Mart would record ___ for interest on December 31 assuming that 10% approximates the market rate of return

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  1. 13 January, 21:43
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    Cash borrowed = $120,000

    Interest on promissory note = 10%
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