On February 1, 2021, Miter Corp. lends cash and accepts a $3,900 note receivable that offers...
On February 1, 2021, Miter Corp. lends cash and accepts a $3,900 note receivable that offers 12% interest and is due in six months. How much interest revenue will Miter Corp. report during 2021? (Do not round intermediate calculations.)
Homework Answers
Interest on notes receivable = $3,900 
12%
6/12 = $234
Hence interest revenue to reported during 2021 is $234
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