Question: Queen City Credit Union completed these transactions: Show what the company would report for these transactions on its December 31, 2012, and 2013 balance sheets

Queen City Credit Union completed these transactions:

Show what the company would report for these transactions on its December 31, 2012, and 2013 balance sheets and income statements. Use a 12-month (rather than 365-day) year for interestcomputations.

2012 May Dec 1 31 Loaned $90,000 to Lois Frank on a one-year, 990 note. Accrued interest revenue on the Frank note. 2013 May 1 Collected the maturity value of the note from Frank (principal plus interest).

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