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Music Company made a loan of $11,600 to one of the company's employees on April...

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Accounting

Music Company made a loan of $11,600 to one of the company's employees on April 1, Year 1. The one-year note carried a 6% rate of interest. The amount of interest revenue that Music would report during the years ending December 31, Year 1 and Year 2, respectively, would be:
$0 and $696
$172 and $520
$522 and $174
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