On July 1, 2021, a company loans one of its employees $29,000 and accepts a eight-month,...
On July 1, 2021, a company loans one of its employees $29,000 and accepts a eight-month, 6% note receivable.
Calculate the amount of interest revenue the company will recognize in 2021 and 2022. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.)
Homework Answers
Answer
- Amount of interest revenue to be recognised in 2021 = $ 29000 x 6% x 6 months/12 = $ 870 [Jul to Dec = 6 months]
- Amount of interest revenue to be recognised in 2022 = $ 29000 x 6% x 2 remaining months / 12 = $ 290
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