Question: Slack Inc. loaned $320,000 on March 1, 2018. The note requires interest at 6% and principal to be paid in one year. How much interest

Slack Inc. loaned $320,000 on March 1, 2018. The note requires

Slack Inc. loaned $320,000 on March 1, 2018. The note requires interest at 6% and principal to be paid in one year. How much interest is recognized for the period from April 1 to December 31? Prepare journal entries to: 1 Record the Note on March 1, 2018 2 Accrue the Interest through December 31 3 Record the repayment of the note on March 1, 2019 Mar-18 320,000 320,000 31-Dec 14,400 note receivable (short term) cash cash intrest revenue cash note receivable(short term) 14,400 Mar-19 323,200 323,200

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