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On November 1, 2020, ABC, Inc., received a 3-month, $1,500 note receivable with the 8% annual interest and principal to be collected on February 1. What is the amount of interest revenue that should be recorded for the year ended December 31, 2020? Multiple choice question. $120 $60 $30 $80 $20

Answer :

The amount of interest revenue that should be recorded for the year ended December 31, 2020 is $20 .

Interest revenue

Interest revenue represents how much interest a company earned during a specific time period. This is interest earnings on any investments the business has or debts it has provided to an individual or other entity.

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