Question: Problem 7.6 (Static) Notes receivable; solving for unknowns; financial stotement effects [LO7-7] Cypress Oil Company's December 31,2024 , balance sheet isted $645,000 of notes receivable

Problem 7.6 (Static) Notes receivable; solving for unknowns; financial stotement effects [LO7-7] Cypress Oil Company's December 31,2024 , balance sheet isted $645,000 of notes receivable and $16,000 of interest receivable included in current assets. The following notes make up the notes receivable balance: tote 1 Dated e/31/2024, principal of $500,000 and interest ot 10x due on 2/20/2025, wote 2 Dated o/30/2024, principal of \$15e,000 and interest due 3/31/2025. The company records acjusting entries only at year-end. There were no other notes receivable outstanding during 2024 Required: 1. Determine the rate used to discount the noninterest-bearing note 2. Determine the explicit interest rate on Note 2. 3. What is the amount of interest revenue that appears in the company's 2024 income statement related to these notes

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