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On January 1 a promissory note receivable was received by Overland Company in the amount of $21,400. It is a two month note bearing interest
On January 1 a promissory note receivable was received by Overland Company in the amount of $21,400. It is a two month note bearing interest at 18% per annum. Overland follows proper accrual accounting and generates monthly financials. When the note matures it is dishonoured and interest is due on the maturity date. Required 1: Assuming no other transaction happened, what is the interest income reported on the annual Income Statement of Marc 1st? \$ Required 2: Assuming no other transaction happened, what is the interest receivable as of February 1 st? $ Required 3: Assuming no other transaction happened, what is the balance of Notes Receivables on March 1st? \$
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