Question
On July 1, 2016, Empire Inc. lends $13,800 to a customer and receives a 12% note due in two years. Interest is due in full
On July 1, 2016, Empire Inc. lends $13,800 to a customer and receives a 12% note due in two years. Interest is due in full on July 1, 2018, the due date of the note. What is the amount of Interest Revenue that will be reported on Empires income statement for the year ended December 31, 2016?
$1,656.
$3,312.
$828.
$966.
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Financial Accounting And Reporting
Authors: Mr Barry Elliott, Jamie Elliott
16th Edition
027377817X, 978-0273778172
