12. On July 1 of the current year, an entity received a one-year note receivable bearing interest at the market rate. The face amount of the note receivable and the entire amount of the interest are...

Extracted text: 12. On July 1 of the current year, an entity received a one-year note receivable bearing interest at the market rate. The face amount of the note receivable and the entire amount of the interest are due in one year. The interest receivable account would show a balance on c. July 1 and December 31 d. Neither July 1 nor December 31 a. July 1 but not December 31 b. December 31 but not July 1