Interest Revenue

Cypress O Company's December 31, 2021, balance sheet listed $1.074,000 of notes receivable and $24,600 of interest receivable included in current assets. The following notes make up the notes receivable balance Note 1 Dated B/31/2021, principal of $450, see and interest at 12% due on 2/28/2022. Note 2 Dated 6/30/2021, principal of $330,000 and interest due 3/31/2022. Note ) $100,eee face value noninterest-bearing note dated 9/30/2021, due 3/31/2022. Note was issued in exchange for merchandise The company records adjusting entries only at year-end. There were no other notes receivable outstanding during 2021 Required: 1. Determine the rate used to discount the noninterest-bearing note. 2. Determine the explicit interest rate on Note 2 (Round your intermediate calculations to the nearest whole dollar amount.) 3. What is the amount of interest revenue that appears in the company's 2021 income statement related to these notes Answer is not complete. B 1. 2. Discount rate Interest rata Interest revenue