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On December 1, 2016, Davenport Company sold merchandise to a customer for $31,000. In payment for the merchandise, the customer signed a 6% note requiring

On December 1, 2016, Davenport Company sold merchandise to a customer for $31,000. In payment for the merchandise, the customer signed a 6% note requiring the payment of interest and principal on March 1, 2017.

How much interest revenue will the company recognize during 2016 and 2017?

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