On July 1,2018,Empire Inc

question 124

Multiple Choice

On July 1,2018,Empire Inc.lends $8,000 to a customer and receives a 9% note due in two years.Interest is due in full on July 1,2020,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 31,2018?

• A)$1,440
• B)$720
• C)$420
• D)$360

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Definitions:

Replacement Shipment

Sending out a new or additional shipment to replace defective or missing products originally dispatched.

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A standard of measure, quantity, or grade of goods that is treated as a whole for commercial purposes, especially in sale or lease transactions.

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Unique or scarce monetary coins which are collected for their historical, cultural, or investment value.

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