Rosewood Company made a loan $16,000 to one of the company's employees on April 1 , Year 1. The one-year note carried a 6% rate of interest. The amount of interest revenue that Rosewood would report during the years ending December 31 , Year 1 and Year 2, respectively, would be: $960 and $0 $0 and $960 $240 and $720 $720 and $240