Rex Corporation accepted an $11,500, 5% interest bearing note from Brooks Inc. on December 1, 2015 in exchange for machinery with a list sales price of $9,500. The note is payable on December 1, 2018. If the prevailing interest rate is 8%, what revenues should Rex report in its income statement for the year ended December 31, 2015?

Use Excel or a financial calculator for the computations. Do not round until final answers. Round answers to the nearest dollar.

Sales revenue $Answer

Interest income $Answer