Rex Corporation accepted an $$8,500,5\%$ interest bearing note from Brooks Inc. on December $1$ of the current year in exchange for machinery with a list sales price of $$8,000.$ The note is payable on December $1,$ three years later. If the prevailing interest rate is $8\%,$ what revenues should Rex report in its income statement for the year ended December $31$ of the current year?

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 $AnswerUse

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

Sales revenue $

Interest income &