Exercise $7-12$A $($Algo$)$ Notes receivable$-$accrued interest LO $7-5$

points

On May $1,$ Year $1,$ Benz's Sandwich Shop loaned $$16,000$ to Mark Henry for one year at $5$ percent interest.

Required:

a$.$ What is Benz's interest income for Year $1?$

b$.$ What is Benz's total amount of receivables at December $31,$ Year $1?$

c$.$ How will the loan and interest be reported on Benz's Year $1$ statement of cash flows?

d$.$ What is Benz's interest income for Year $2?$

e$.$ What is the total amount of cash that Benz's will collect in Year $2$ from Mark Henry?

f$.$ How will the loan and interest be reported on Benz's Year $2$ statement of cash flows?

g$.$ What is the total amount of interest that Benz's earned on the loan to Mark Henry?

Note: For all requirements, round your answers to the nearest dollar amount.

Answer is complete but not entirely correct.