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12 On April 1 of Year 1, Respawn accepted a $12,000, 12-month, 10% note from a customer in granting a time extension on his past-due

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12 On April 1 of Year 1, Respawn accepted a $12,000, 12-month, 10% note from a customer in granting a time extension on his past-due account receivable. Respawn's year-end is December 31. Compute interest revenue recorded by Respawn in Year 1 and Year 2. 10 points Interest Earned Year 1 Year 2 eBook

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