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On july 1 2016 empire inc lends 8000 to a customer and

Question - On July 1, 2016, Empire Inc. lends $8,000 to a customer and receives a 9% note due in two years. Interest is due in full on July 1, 2018, the due date of the note. What is the amount of Interest Revenue that will be reported on Empire's income statement for the year ended December 31, 2016?

$1,440.

$420.

$360.

$720.

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Accounting Basics: On july 1 2016 empire inc lends 8000 to a customer and

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Accounting Basics: On july 1 2016 empire inc lends 8000 to a customer and

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