On September 1, 2024, Valley Corp. issued a $15,000 face value note receivable from Peak Industries. The note carries a 6 percent annual interest rate and a one-year term. What is the interest revenue that should be recognized by Valley Corp. for the year 2024?

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...
icon
Related questions
Question

I won't to this question answer general Accounting

On September 1, 2024, Valley Corp. issued a $15,000 face
value note receivable from Peak Industries. The note
carries a 6 percent annual interest rate and a one-year
term. What is the interest revenue that should be
recognized by Valley Corp. for the year 2024?
Transcribed Image Text:On September 1, 2024, Valley Corp. issued a $15,000 face value note receivable from Peak Industries. The note carries a 6 percent annual interest rate and a one-year term. What is the interest revenue that should be recognized by Valley Corp. for the year 2024?
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning