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On March 1, 2012, Sun Co. loaned $12,000 to Silena Co. for one year at 6 percent interest.
Required
Answer the following questions.
a. What is Sun Co.'s interest income for 2012?b. What is Sun Co.'s total amount of receivables at December 31, 2012?c. What amounts will be reported on Sun Co.'s 2012 statement of cash flows?d. What is Sun Co.'s interest income for 2013?e. What is the total amount of cash that Sun Co.'s will collect in 2013 from Silena Co.?f. What amounts will be reported on Sun Co.'s 2013 statement of cash flows?g. What is the total amount of interest Sun Co. earned from the loan to Silena Co.?
Journalize these transactions, first on the books of Arnold Drug Stores and second on the books of Gerson Pharmaceuticals. Assume both companies use the periodic inventory system.
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