Quick answer of this accounting questions Maple Corporation made a loan of $12,000 to one of the company'semployees on July 1, 2024. The one-year note carried an 8% rate of interest.The amount of interest revenue that Maple would report in 2024 and 2025,respectively would be:A. $480, $240B. $240, $480C. S0, $960D. $960, $0

Step 1: Definition of Interest RevenueInterest revenue represents the income earned from lending…

Answered: Maple Corporation made a loan of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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Maple Corporation made a loan of $12,000 to one of the company's employees on July 1, 2024. The one-year note carried an 8% rate of interest. The amount of interest revenue that Maple would report in 2024 and 2025, respectively would be: A. $480, $240 B. $240, $480 C. S0, $960 D. $960, $0