Question: Rex Corporation accepted an $ 8 , 5 0 0 , 5 % interest bearing note from Brooks Inc. on December 1 of the current

Rex Corporation accepted an $8,500,5% interest bearing note from Brooks Inc. on December 1 of the current year in exchange for machinery with a list sales price of $8,000. The note is payable on December 1, three years later. If the prevailing interest rate is 8%, what revenues should Rex report in its income statement for the year ended December 31 of the current year?
Use Excel or a financial calculator for the computations. Do not round until final answers. Round answers to the nearest dollar.
Sales revenue $Answer
Interest income $AnswerUse
Excel or a financial calculator for the computations. Do not round until final answers. Round answers to the nearest dollar.
Sales revenue $
Interest income &
Rex Corporation accepted an $8,500,5% interest bearing note from Brooks Inc.

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