Question: Determining Sales and Interest Revenue using Long-term Note Receivable A four-year, $14,000, noninterest-bearing note was received by Willis Company for a credit sale. Assuming a

Determining Sales and Interest Revenue using Long-term Note Receivable

A four-year, $14,000, noninterest-bearing note was received by Willis Company for a credit sale. Assuming a market rate of 10%, determine (1) sales revenue recognized upon issuance of the note and (2) interest revenue recognized over the term of the note.

Note: Round each answer to the nearest whole dollar.

1.	Sales revenue
2.	Interest revenue

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