question archive On January 1, 20X3, Gaudreau Enterprises sold goods in exchange for a $200,000, five-year, interest-free note from the purchaser
On January 1, 20X3, Gaudreau Enterprises sold goods in exchange for a $200,000, five-year, interest-free note from the purchaser
Subject:AccountingPrice: Bought3
On January 1, 20X3, Gaudreau Enterprises sold goods in exchange for a $200,000, five-year, interest-free note from the purchaser. The note was repayable at $20,000 semi-annually, first due June 30, 20X3. The market rate of interest for similar notes was 6% per annum, payable semi-annually. Gaudreau prepares its financial statements in accordance with IFRS. What amount of interest revenue should the company report on its December 31, 20X3, year-end financial statements? a) $ 9,790 b) $10,236 c) $10,390 d) $12,000
