Verilux Company sold merchandise to Flight Corp on November 1, 2014, for $10,000 . Verilux accepted a promissory note from Flight Corp for $10,000 . The note has a term of 5 months and a stated interest rate of 7%. Verilux's accounting period ends on December 31, 2014 . What amount should Verilux recognize as interest revenue on the maturity date of the note?

a. $ -0-
b. $ 175.00
c. $ 291.67
d. $ 420.00


b

Business

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