Rosewood Company made a loan of $16,000 to one of the company's employees on April 1, Year 1. The one-year note carried a 6% rate of interest. What is the amount of interest revenue that Rosewood would report in Year 1 and Year 2, respectively? Multiple Choice $720 In Year 1 and $240 in Year 2 So in Year 1 and 5960 in Year 2 $240 in Year 1 and $720 In Year 2 $960 in Year 1 and 50 in Year 2