Comfort Shoes received a promissory note from a customer on April 1, 2016.The face amount of the note is $2,000; the terms are 12 months and 8% annual interest.How much total interest revenue will Comfort Shoes recognize for the year ended December 31, 2016?
A) $ 40
B) $ 107
C) $ 120
D) $ 160
Correct Answer:
Verified
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