On October 1, 2021, Oberley Corporation loans one of its employees $24,000 and accepts a 12-month, 10% note receivable. Calculate the amount of interest revenue Oberley will recognize in 2021 and 2022.

On October 1, 2021, Oberley Corporation loans one of its employees $24,000 and accepts a 12-month, 10% note receivable. Calculate the amount of interest revenue Oberley will recognize in 2021 and 2022.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On October 1, 2021, Oberley Corporation loans one of its employees $24,000 and accepts a 12-month, 10% note receivable.

Calculate the amount of interest revenue Oberley will recognize in 2021 and 2022.

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