Mattson Loan Company completed these transactions: 2016 Apr. 1 Loaned $20,000 to Charlene Baker on a one-year,

Question:

Mattson Loan Company completed these transactions:

2016

Apr. 1 Loaned $20,000 to Charlene Baker on a one-year, 5% note.

Dec. 31 Accrued interest revenue on the Baker note.

2017

Apr. 1 Collected the maturity value of the note from Baker (principal plus interest).

Show what Mattson would report for these transactions on its 2016 and 2017 balance sheets and income statements. Mattson's accounting year ends on December 31?

Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...