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Rosewood Company made a loan of $9,800 to one of the company's employees on April 1, Year 1. The one-year note carried a 6% rate
Rosewood Company made a loan of $9,800 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:
Multiple Choice
$588 and $0
$0 and $588
$441 and $147
$147 and $441
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