15 Requlred nn Required information The following information applies to the que

Question

15 Requlred nn Required information The following information applies to the questions displayed below. On November 1, 2017, Salem Corporation sold land priced at $340,000 in exchange for a 3%, six-month note Part 2 of 3 receivable 3.33 points Salem's balance sheet at December 31, 2017 includes which of the following as a result of the sale of land on November 1? Print Multiple Choice Notes Receivable of $340,000 and Interest Receivable of $1,700. Notes Receivable of $340,000 and Interest Receivable of $5,100. Notes Receivable of $340,000 only.

Explanation / Answer

The correct answer is :

Notes Receivable of $ 340,000 and Interest Receivable of $ 1,700

Note :

Interest Receivable = $ 340,000 *3% *2/12

= $ 1,700

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