How do we find the result of interest revenue(1600) and interest receivable(3200)?I would be very grateful if you could tell me with which formula and how we found the results.

On April 30, 2016, Statewide Bank loaned $80,000 to Kerry Sperry on a one-year, 6% note. Statewide's fiscal year ends on December 31 Read the requirements Click the icon to see the Worked Solution. Requirement 1. Journalize all entries for Statewide Bank related to the note for 2016 and 2017. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by recording the loan on April 30, 2016, Date Debit Credit Accounts and Explanation Note Receivable-Kerry Sperry Cash 2016 Apr. 30 30,000 80.000 Accopied note in exchange for cash. Record the entry to accrue interest revenue on the Sperry note at December 31, 2016. (Use months for interest calculations.) Date Credit Accounts and Explanation Interest Receivable Interest Revenue Debit 3,200 2016 Dec. 31 3.200 Accrued inferest revenue Journalize the collection of the note from Kerry Sperry at maturity. (Prepare a single compound journal entry. Use months for interest calculations.) Close On April 30, 2016. Statewide Bank loaned $80,000 to Kerry Sperry on a one-year, 6% note. Statewide's fiscal year ends on December 31. Read the bouiruments Journalize the collection of the note from Kerry Sperry at maturity. (Prepare a single compound journal entry. Use months for interest calculations.) Date Debit Credit 2017 84,800 Apr. 30 Accounts and Explanation Cash Note Receivable-Kerry Sperry Interest Receivable Interest Revenue Collected note receivable plus interest 80,000 3.200 1,600 Requirement 2. Which party has a a. note receivable Statewide Bank b. note payable Kerry Sperry C. interest revenue Statewide Bank d. interest expense Kerry Sperry Requirement 3. Suppose that Kerry Sperry defaulted on the note. What entry would Statewide record for the dishonored note? (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound joumal entry. Use months for interest calculations.) Date Debit Credit 2017 B4,800 Apr. 30 Accounts and Explanation Accounts Receivable Kerry Sperry Note Receivable-Kerry Sperry Interest Receivable Interest Revenue To record dishonored note. . 80,000 3,200 1,600 Close