Determining Sales and Interest Revenue using Long-term Note Receivable A four-year, $14,000, noninterest-bearing note...
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Determining Sales and Interest Revenue using Long-term Note Receivable
A four-year, $14,000, noninterest-bearing note was received by Willis Company for a credit sale. Assuming a market rate of 10%, determine (1) sales revenue recognized upon issuance of the note and (2) interest revenue recognized over the term of the note.
Note: Round each answer to the nearest whole dollar.
| 1. | Sales revenue | |
| 2. | Interest revenue |
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