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Spice Of Life Company made a loan of $16,000 to one of the company's employees...

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Accounting

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Spice Of Life Company made a loan of $16,000 to one of the company's employees on April 1, Year 1. The one-year note carried a 6% rate of interest. What is the amount of Interest revenue that Spice Of Life would report in Year 1 and Year 2, respectively and the amount of cash received in Year 1? Multiple Choice 5960 Revenue in Year 1. SO Revenue in Year 2 and $950 Cash in Year 1 30 in Year and $960 in Year 2 50 Revenue in Year 1 $960 Revenue in Year 2 and $0 Cash in Your 1 $240 Revenue in Year 1, 760 Revenue in Year 2 and $240 Cath in Year! 5720 Revenue in Year 1, $240 Revenue in Year 2 and SO Cash in Year 1 5720 Revenue in Yeart $240 Revice in Year 2 and 5720 Cash in Yoar 1

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