Blake Company loaned Jimenez Corporation $18,000 on October 1, Year 1. The 8-month note carried a 6% rate of interest.
Required:How will Blake report the note and interest on its Year 1 income statement, balance sheet, and statement of cash flows?How will Blake report the note and interest on its Year 2 income statement and statement of cash flows?

Question

Quizplus · Accepted Answer

The Answer of Blake Company loaned Jimenez Corporation $18,000 on October 1, Year 1. The 8-month note carried a 6% rate of interest.
Required:How will Blake report the note and interest on its Year 1 income statement, balance sheet, and statement of cash flows?How will Blake report the note and interest on its Year 2 income statement and statement of cash flows?

Blake Company Loaned Jimenez Corporation $18,000 on October 1, Year