Ni Co. has the following notes receivable outstanding at December 31, 2024:

Interest on each of the above notes is payable at maturity.

Instructions
a. Calculate the interest revenue that Ni Co. will report on its income statement for the year ended December 31, 2024. Indicate where this will be presented on a multiple-step income statement. (Round calculations to the nearest dollar.)
b. Calculate the amounts related to these notes that will be reported on Ni Co.’s balance sheet at December 31, 2024. Indicate where they will be presented. (Round calculations to the nearest dollar.)

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Issue Date 1. August 31, 2024 2. February 1, 2024 3. October 31, 2024 Term 5 months 12 months 6 months Principal $15,000 32,000 9,000 Interest Rate 4% 4% 5%