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How much interest revenue will Greenwell report

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Question 1 - Greenwell Farm Equipment sells a tractor to Farmer for $130,000 on January 1, 2019. The tractor is delivered that day. Greenwell agrees that the Farmer may delay the payment for 2 years. The market rate of interest is 9%. Refer to Greenwell Farms. How much interest revenue will Greenwell report over the life of this contract? (Do not round intermediary calculations, and round your final answer to the nearest whole number.) Use the formula approach.

A. $11,700

B. $23,400

C. $20,582

D. $24,453

Question 2 - Derby Company sells season passes to its entertainment center. The passes sell for $125 each and are good for one year. On January 1, Derby sells 4,800 passes and received cash. What journal entry should Derby Company make on January 31st assuming adjusting entries are made monthly?

A. Debit Unearned Revenue; Credit Ticket Revenue

B. Debit Cash; Credit Unearned Revenue

C. Debit Unearned Revenue; Credit Cash

D. Debit Ticket Revenue; Credit Unearned Revenue

Reference no: EM132493302

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