For Each of the Following Notes Receivables Held by Winter

question 29

Essay

For each of the following notes receivables held by Winter Company, determine the interest revenue to be reported on the income statements. Round answers to nearest whole dollar. $$\begin{array} { | l | c | c | c | c | c | } \hline{ \text { Date } } & \text { Face } & \text { Rate } & \text { Term } & \begin{array} { c } \text { Year 1 } \\\text { Interest } \\\text { Revenue }\end{array} & \begin{array} { c } \text { Year 2 } \\\text { Interest } \\\text { Revenue }\end{array} \\\hline \text { Aug. 8, Year 1 } & \$ 15,000 & 7 \% & 180 \text { days } & & \\\hline \text { Oct. 7, Year 1 } & 22,000 & 8 & 60 \text { days } & & \\\hline \text { Jan. 6, Year 2 } & 30,000 & 8 & 90 \text { days } & & \\\hline \text { Nov. 12, Year 1 } & 28,000 & 9 & 60 \text { days } & & \\\hline\end{array}$$

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