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Grand Accommodations made a loan of $ 1 2 , 0 0 0 to one of the company'semployees on October 1 , Year 1 .

Grand Accommodations made a loan of $

12, 000

to one of the company'semployees on October

1,

Year

1 .

The one

-

year note carried a

4 %

rate of interest. What is the amount of interest revenue that Grand Accommodations would report in Year

1

and Year

2,

respectively?

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