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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

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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. Interest Earned Year 1 Year 2

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