Using the data in the preceding question, what will the income statement for the year ended December 31 report for this situation? Nothing because the business has not received the cash yet Note receivable of $8,400 Interest revenue of $700 Both b and Reference Problem On December 31 year-end, Crain Corporation has an 58,400 note receivable from a customer. The interest of 10% has accrued for 10 months on the note. What will Crain's financial statements report for this situation? The balance sheet will report the note receivable of $8,400. The balance sheet will report the note receivable of $8,400 and interest receivable of $700. Nothing because the business has not received the cash yet. The income statement will report a note receivable of $8,400