Chapter 9 The Role of Accounting in Business
The interest rate is 12% payable every December 31. In an agreement with the creditor, Colt obtained the following changes in the terms of note: a. The accrued interest on December 31, 2007 is forgiven. b. The principal is reduced by 500,000. c. The new interest rate is 8%. d. The new date of maturity is … ................
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