Question: Exercise 7.12B Notes necenable-accrued interest On March 1, Year 1. Taylor's Deli loaned $18,000 to Style Studio for one year at 5 percent interest. Required

Exercise 7.12B Notes necenable-accrued interest On March 1, Year 1. Taylor's Deli loaned $18,000 to Style Studio for one year at 5 percent interest. Required Answer the following questions: a. What is Taylor's interest income for Year 1? b. What is Taylor's total amount of receivables at December 31, Year 1 ? c. How will the loan and interest be reported on Taylor's Year I statement of cash flows? d. What is Taylor's interest income for Year 2? e. What is the total amount of cash that Taylor's will collect in Year 2 from Style Studio? f. How will the loan and interest be reported on Taylor's Year 2 statement of cash flows? g. What is the total amount of interest Taylor's Deli earned from the loan to Style Studio? EXERCISE 7-12B a. Interest income Y1:$ b. Total Receivables at December 31, Year 1: c. Loan: Activities: Outflow for of $ Interest: d. Interest income Y2: \$ e. Total cash to be collected: f. Activities (out/in) flow for collection of for $ Activities: _(out/in) flow from collection of for $ g. Total interest earned: \$

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