Question: Ivanhoe Co. has three outstanding notes receivable at its December 31, 2021, fiscal year end. For each note, calculate (a) total interest revenue, (b) interest

Ivanhoe Co. has three outstanding notes receivable at its December 31, 2021, fiscal year end. For each note, calculate (a) total interest revenue, (b) interest revenue to be recorded in 2021, and (c) interest revenue to be recorded in 2022. (Round answers to O decimal places, eg. 5,275.) Issue Date Term Principal Interest Rate 1. August 31, 2021 9 months $15,600 6% 2. November 1, 2021 6 months 44,400 8% 3. October 1, 2021 15 months 25,200 7% Note (a) Total Interest (b) Interest 2021 (c) Interest 2022 1. $ TA $ 2. $ TA $ 3. $ $ $ TA
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
