On October 1, 2021, Oberley Corporation loans one of its employees $40,000 and accepts a 12 month,

Question:

On October 1, 2021, Oberley Corporation loans one of its employees $40,000 and accepts a 12 month, 9% note receivable. Calculate the amount of interest revenue Oberley will recognize in 2021 and 2022.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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