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Example: The Company extends credit to Customer P for six months to offset the A/R Customer P owes the Company. The terms of the note are $10,000 due in six months at 12% interest. The date of the note is February 1,20XD. The due date is August 1,20D. The amount of interest to accrue over the six months =$10,00012%6/12=$600 If the note's term was for 12 months instead of six, we would have to record an adjusting entry for interest at the end of the year (December 31) prior to the note's due date on January 31. Interest Revenue earned in 20E is $100(10,000.121/12). From the journal entry on page 5-9 of the VLN, when the customer pays the note in January of year XE, how much did the Company's net income change? From page 59 of the VLN, the last practice problem where the company invested money for 4 months, how much interest revenue did the company earn in year 20XA (the first year)? Apply the practice from pages 58&59 of the VLN to answer this question. If you invest $10,000 for three months on October 1 , of year 1 at a 4% interest rate, how much money will you collect on December 31st when the investment matures