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Pharoah Co. has the following notes receivable outstanding at December 31, 2021: Issue Date Term Interest Rate 3% 1. August 31, 2021 2. February 1,
Pharoah Co. has the following notes receivable outstanding at December 31, 2021: Issue Date Term Interest Rate 3% 1. August 31, 2021 2. February 1, 2021 3. October 31, 2021 5 months 12 months 6 months Principal $14,400 34,800 9,600 3% 4% Interest on each of the above notes is payable at maturity. Calculate the interest revenue that Pharoah Co. will report on its income statement for the year ended December 31, 2021. Indicate where this will be presented on a multiple-step income statement. (Round answer to O decimal places, e.g. 5,275.) Total interest revenue $ Interest Revenue is reported under on the income statement. Calculate the amounts related to these notes that will be reported on Pharoah Co's balance sheet at December 31, 2021. Indicate where they will be presented. (Round answers to 0 decimal places, e.g. 5,275.) Account Presented in Balance sheet under Amount $ $
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