On December 1, 2017, Summit, Inc sold machinery to a customer for $24,000
The customer could not pay at the time of sale but agreed to pay 11 months later and signed a 11-month note at 11% interest. How much interest revenue was earned during 2018? (Round your answer to the nearest dollar.)
A) $1,320
B) $2,640
C) $2,420
D) $2,200
D .($24,000 x 11%) x 10/12 = $2,200
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