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Question
For each of the following notes receivable held by Winter Company, determine the interest revenue to be reported on the income statements. Round answers to nearest whole dollar.
Date | Face | Rate | Term | Year 1 Interest Revenue | Year 2 Interest Revenue |
| Aug. 8, Year 1 | $15,000 | 7% | 180 days | ||
| Oct. 7, Year 1 | 22,000 | 8 | 60 days | ||
| Jan. 6, Year 2 | 30,000 | 8 | 90 days | ||
| Nov. 12, Year 1 | 28,000 | 9 | 60 days |
Answer
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