For the year ended December 31, 20Y3, Homer Company would report Interest Revenue of $855 ($405 * $450) as part of other revenue on its income statement. 

The receipt of the semiannual interest of $540 on January 31, 2024, is recorded as follows:

 show the steps in how you got the answer?

Transcribed Image Text:

20V4 Jan. 31 Cash 540 Interest Revenue 90 Interest Receivable 450 Received semiannual interest. 20V4 Jan. 31 Cash 540 Interest Revenue 90 Interest Receivable 450 Received semiannual interest.

Answer rating: 100% (QA)

450 is the interest accrued for the last year for that the entry is as follows La... View the full answer