On january 1, 2017, train, inc. accepted an $80,000, non-interest bearing 3 year note in exchange for equipment it sold to steam company. train originally purchased the equipment for $125,000, and it had a book value of $75,000 on the date of the sale. the note was non-interest-bearing. an assumed 11% interest rate is implicit in the agreement. actual information for 11%, three periods, follows:
present value of 1
0.73119
present value of annuity of 1
2.44371
refer to exhibit 13-03. what amount would train record as interest income on december 31, 2017?
question 1 options:
$6,434
$8,800
$2,366
$0
Answers: 3
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On january 1, 2017, train, inc. accepted an $80,000, non-interest bearing 3 year note in exchange fo...
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