Question: Demonstration Problem 5-2: Notes Receivable and Accrued Interest On November 1, 2018, Mendez Company loaned $60,000 to Western Corporation. Mendez accepted a promissory note with

Demonstration Problem 5-2: Notes Receivable and Accrued Interest On November 1,

Demonstration Problem 5-2: Notes Receivable and Accrued Interest On November 1, 2018, Mendez Company loaned $60,000 to Western Corporation. Mendez accepted a promissory note with a five month term and an annual interest rate of 6%. Mendez's accounting period ends on December 31. Required Determine the amount of interest revenue and the cash inflow from operating activities that Mendez will report in its 2018 and 2019 financial statements. I have recorded the solution to 2018, please complete 2019

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