For each of the following notes receivables held by Rogers Company determine the interest revenue to be reported on the income statements for 2011 and 2012. Round answers to nearest whole dollar.
Definitions:
Common Law
A system of law based on precedent and customs, originating in England and forming the basis of the legal system in the United States and other countries.
Promise Under Seal
A formal commitment or contract that is legally binding because it is physically sealed, representing a solemn promise.
Equitable Estoppel
A legal principle preventing a party from denying facts if their own actions have led another to perceive those facts as true.
Legal Obligation
A duty enforced by law, requiring an entity or individual to conform to certain actions or refrain from certain acts.
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