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

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Accounting

Rosewood 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. What is the amount of interest revenue that Rosewood would report in Year 1 and Year 2, respectively?
Multiple Choice
$696 in Year 1 and $0 in Year 2
$0 in Year 1 and $696 in Year 2
$174 in Year 1 and $522 in Year 2
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