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What parson would recognize interest revenue of

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Question 1: On June 1, Parson Assoc. sold equipment to Arleo and agreed to accept a 3-month, $56,000, 10% interest-bearing note in payment at a time when the prevailing rate of interest for similar transactions was 10%. When the note was collected upon maturity, Parson would recognize interest revenue of:

Multiple Choice

Option 1: $0.

Option 2: $1,400.

Option 3: $2,800.

Option 4: $4,200.

Reference no: EM132584501

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