Question: Determining Sales and Interest Revenue using Long-term Note Receivable A four-year, $10,000, noninterest-bearing note was received by Willis Company for a credit sale. Assuming

Determining Sales and Interest Revenue using Long-term Note Receivable A four-year, $10,000,

Determining Sales and Interest Revenue using Long-term Note Receivable A four-year, $10,000, noninterest-bearing note was received by Willis Company for a credit sale. Assuming a market rate of 12%, 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 $ D 0 2. Interest revenue $

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