Refer to the information in BE517. Data from in BE5-17 On October 1, 2024, Ogneva Corporation loans

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Refer to the information in BE5–17.

Data from in BE5-17

On October 1, 2024, Ogneva Corporation loans one of its employees $40,000 and accepts a 12-month, 9% note receivable. Calculate the amount of interest revenue Ogneva will recognize in 2024 and 2025.

Record (a) lending of $40,000 cash to an employee on October 1, 2024,

(b) The adjusting entry for interest on December 31, 2024,

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Refer to the information in BE517. Data from in BE5-17 On October 1, 2024, Ogneva Corporation loans

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a L ending of 40 000 cash to an employee on October 1 2024 Deb it Cash 40 ...View the full answer

Financial Accounting

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