On November 1, Jasper Company loaned another company $180,000 at a 7% interest rate. The note receivable plus interest will not be collected until March 1 of the following year. The company's annual accounting period ends on December 31. The amount of interest revenue that should be reported in the first year is: Multiple Choice $2,100. $6,175. $0. $18,700. $7,500.

On November 1, Jasper Company lonned another company $180,000 at a 7% interest tate. The note receivable plus interest will not be collected unti March 1 of the following year. The company's annual accounting period ends on December 31 . The amount of interest revenve that should be teported in the first year is: Mulpiple Choice $2,00 56775 50. 518300 57,500