Question
On July 1, 2018, Empire Inc. lends $8,000 to a customer and receives a 9% note due in two years. Interest is due in full
On July 1, 2018, Empire Inc. lends $8,000 to a customer and receives a 9% note due in two years. Interest is due in full on July 1, 2020, the due date of the note. What is the amount of Interest Revenue that will be reported on Empire's income statement for the year ended December 31, 2018?
Multiple Choice
$1,440
$720
$420
$360
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Financial Accounting Theory
Authors: Craig Deegan
2nd Edition
0077126734, 978-0077126735
