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On December 31, 2020, Hawk Co. accepted a zero-interest note receivable from a major stockholder for $600,000 due on December 31, 2023. The prevailing rate

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On December 31, 2020, Hawk Co. accepted a zero-interest note receivable from a major stockholder for $600,000 due on December 31, 2023. The prevailing rate of interest for a note of this type at December 31, 2020 was 10%. (Round to the nearest dollar) (AICPA adapted) Prepare the journal entry to accrue interest revenue for 2021

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