Vincent Company accepted a 12-month, 6% promissory note from a customer, Graves Company, on September 1, Year 1, in exchange for $24,000 of services that Vincent performed. Required: What amount will be collected on August 31, Year 2?

Cash received

Vincent Company accepted a 12-month, 6% promissory note from a customer, Graves Company, on September 1, Year 1, in exchange for $24,000 of services that Vincent performed. Required: What amount will be collected on August 31, Year 2