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:
Interest Expense
The cost incurred by an entity for borrowed funds, including the expense on bonds, loans, convertible debt, and lines of credit.
Interest Expense
The cost incurred by an entity for borrowed funds, represented as the interest payments due to lenders.
Amortized
The process of gradually reducing the cost (or value) of an intangible asset through systematic charges to expense over its useful life.
Semiannually
Occurring twice a year, or every six months.
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