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To attract retailers to its shopping center, the Marketplace Mall will lend money to tenants under formal contracts, provided that they use it to renovate
To attract retailers to its shopping center, the Marketplace Mall will lend money to tenants under formal contracts, provided that they use it to renovate their store space. On November 1, 2014, the company loaned $90,000 to a new tenant on a one-year note with a stated annual interest rate of 9 percent. Interest is to be received by Marketplace Mall on April 30, 2015, and at maturity on October 31, 2015.
1.Record the receipt of the interest on the notes maturity date.
2. Record the receipt of the payment for the full principal.
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