QS 7-15 (Algo) Computing interest revenue for two periods LO P4 On April 1 of Year 1, Respawn accepted a $24,000, 12-month, 6% note from a customer in granting a time extension on his past-due account receivable. Respawn's year-end is December 31. Compute interest revenue recorded by Respawn in Year 1 and Year 2. Interest Earned $ 1,080 Year 1 Year 2 $ 360