Refer to the information in BE518. Data from in BE5-18 On October 1, 2024, Ogneva Corporation loans

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Refer to the information in BE5–18.

Data from in BE5-18

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.

Determine the financial statement effects of

(a) Lending $40,000 cash to an employee,

(b) Interest on the note as of December 31, 2024,

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Refer to the information in BE518. Data from in BE5-18 On October 1, 2024, Ogneva Corporation loans

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a On October 1 2024 Og ne va Corporation s balance sh...View the full answer

Financial Accounting

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