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On November 1, 2021, Machine Gun Kelly Company loaned Baby Face Nelson Company $20,000 and received a 6% interest bearing note with both interest and

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On November 1, 2021, Machine Gun Kelly Company loaned Baby Face Nelson Company $20,000 and received a 6% interest bearing note with both interest and principal due in one year. Assuming Machine Gun's year ends December 31st, how much interest revenue will Machine Gun Kelly Company report on its year end December 31, 2022 income statement relative to this note? $1,000 $200 $1,200 $600 Per the following adjusted trial balance, Stockton Company's total liabilities at the end of the period are: Credit Balances Stockton Company Adjusted Trial Balance December 31 Debit Balances 6,530 2.100 700 13.700 1.100 1.900 4.300 12.9-10 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Bob Steely, Capital Bob Steely, Drawing Fees Farned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals 790 9.250 2.500 1.960 775 250 22.490 $4,300 $6,200 $20.240 $1,900

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