On June 1, 2014, Siebens Enterprises loaned $20,000 to Tyler Company for one year at 8 percent interest. Under the terms of the promissory note, Tyler will repay the principal and pay one year's interest on May 31, 2015.
Related to this note receivable, what amount of interest income would Siebens report on its 2014 income statement?
A) $1,000
B) $1,600
C) $800
D) $933

Question

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The Answer of On June 1, 2014, Siebens Enterprises loaned $20,000 to Tyler Company for one year at 8 percent interest. Under the terms of the promissory note, Tyler will repay the principal and pay one year's interest on May 31, 2015.
Related to this note receivable, what amount of interest income would Siebens report on its 2014 income statement?
A) $1,000
B) $1,600
C) $800
D) $933

On June 1, 2014, Siebens Enterprises Loaned $20,000 to Tyler