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On June 1, 2007, Nott Corp. loaned Horn $400,000 on a 12% note,

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On June 1, 2007, Nott Corp. loaned Horn $400,000 on a 12% note, payable in five annual installments of $80,000 beginning January 2, 2008. In connection with this loan, Horn was required to deposit $5,000 in a noninterest-bearing escrow account. The amount held in escrow is to be returned to Horn after all principal and interest payments have been made. Interest on the note is payable on the first day of each month beginning July 1, 2007. Horn made timely payments through November 1, 2007. On January 2, 2008, Nott received payment of the first principal installment plus all interest due. At December 31, 2007, Nott's interest receivable on the loan to Horn should be

Allen Corp.'s liability account balances at June 30, 2007 included a 10% note payable in the amount of $2,400,000. The note is dated October 1, 2005 and is payable in three equal annual payments of $800,000 plus interest. The first interest and principal payment was made on October 1, 2006. In Allen's June 30, 2007 balan
Submitted: 7 years ago.
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Expert:  StatisticsExpert replied 7 years ago.

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