frame co. has an 8% note receivable, in the original amount of $150,000, dated june 30, 2003. payments of $50,000 in principal plus accrued interest are due annually on july 1, 2004, 2005, and 2006. in its june 30, 2005, balance sheet, what amount should frame report as a current asset for interest on the note receivable?

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07-12-2022
Business

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frame co. has an 8% note receivable, in the original amount of $150,000, dated june 30, 2003. payments of $50,000 in principal plus accrued interest are due annually on july 1, 2004, 2005, and 2006. in its june 30, 2005, balance sheet, what amount should frame report as a current asset for interest on the note receivable?

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