On June 1, 2018, Bodie Co. accepted a $7,500 face value note as evidence of a loan it made to T Company. The note had a 10 percent interest rate and a one-year term. What is the interest revenue recognized by Bodie in 2018?

On June 1, 2018, Bodie Co. accepted a $7,500 face value note as evidence of a loan it made to T Company. The note had a 10 percent interest rate and a one-year term. What is the interest revenue recognized by Bodie in 2018?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 10MC: On January 1, 2019, Park Company accepted a 36,000, non-interest-bearing, 3-year note from a major...

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Provide correct answer this question accounting.....

On June 1, 2018, Bodie Co. accepted a $7,500 face value note as
evidence of a loan it made to T Company. The note had a 10 percent
interest rate and a one-year term.
What is the interest revenue recognized by Bodie in 2018?

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