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16.11.2020 22:02

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503,000 on November 1, 2021, and signed a 12-month note bearing interest at 8%.

503,000 on November 1, 2021, and signed a 12-month note bearing interest at 8%. Interest is payable in full at maturity on October 31, 2022. In connection with this note, Universal Travel Inc. should report interest payable at December 31, 2021, in the amount of

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ric12

4,5(93 marks)

$6,707

Explanation:

Calculation to determine what Universal Travel Inc. should report interest payable at December 31, 2021,

Interest payable at Dec 31,2021= 503,000 * 8% * 2 months/12 months

Interest payable at Dec 31,2021= $6706.6

Interest payable at Dec 31,2021= $6707 Approximately)

(November 1 - December 31 = 2 months)

Therefore Universal Travel Inc. should report interest payable at December 31, 2021, in the amount of $6,707

taryn2256

4,8(100 marks)

Explanation:

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503,000 on November 1, 2021, and signed a 12-month note bearing interest at 8%.

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