Question: Exercise 7-12A (Algo) Notes receivable-accrued interest LO 7-5 On May 1, Year 1, Benz's Sandwich Shop loaned $20,000 to Mark Henry for one year at

Exercise 7-12A (Algo) Notes receivable-accrued interest LO 7-5 On May 1, Year 1, Benz's Sandwich Shop loaned $20,000 to Mark Henry for one year at 6 percent interest. Required: a. What is Benz's interest income for Year 1 ? b. What is Benz's total amount of receivables at December 31 , Year 1 ? c. How will the loan and interest be reported on Benz's Year 1 statement of cash flows? d. What is Benz's interest income for Year 2? e. What is the total amount of cash that Benz's will collect in Year 2 from Mark Henry? f. How will the loan and interest be reported on Benz's Year 2 statement of cash flows? 9. What is the total amount of interest that Benz's earned on the loan to Mark Henry? Note: For all requirements, round your answers to the nearest dollar amount

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