On November 1, Carlos Bakery receives a 6% interest-bearing note from Fix-it Company to settle a $20,000 account receivable. The note is due in six months. At December 31, Carlos Bakery should record interest revenue of?

Please see the guidelines for posting homework problems:

Ask Me Help Desk - Announcements in Forum : Homework Help

Interest is equal to Principal * Rate * Time, therefore you need to calculate 2 months of interest by the face amount of the note * 6% * 2/12