Answer :
The amount of interest revenue stripes will report is $4500 in its 2023 income statement
Stripes will have finished paying the interest by the 24th month.
Stripes will pay three months' worth of interest in 2021. ( Oct, Nov, and Dec)
Stripes will pay interest for 12 months in 2022, and then for 24-(3+12)=9 months in 2023.
Interest for the nine months.
Calculating interest using the formula:
Interest = P x R X T/100
where P = principal amount
R = rate of interest
T = time in years
P =$100,000
R= 6%
T= 9 months
=$100,000*6*9/1200
=$6000 x 0.75
=$4,500
So, interest is $4500 to be reported in income statement
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