Business, 23.04.2020 16:18 EliHarris517

Riley Company borrowed $20,000 on April 1, Year 1 from the Titan Bank. The note issued by Riley carried a one year term and a 7% annual interest rate. Riley earned cash revenue of $860 in Year 1 and $800 in Year 2. Assume no other transactions. The amount of net income on the Year 2 income statement would be:

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Riley Company borrowed $20,000 on April 1, Year 1 from the Titan Bank. The note issued by Riley carr...

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