norman company borrowed $15000 from the local bank on April 1, 2012, when the co

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norman company borrowed $15000 from the local bank on April 1, 2012, when the company was started. The note had an 8 percent annual interest rate and a one-year term to maturity. Norman recognized $42,000 of revenue on account in 2012 $56,000 of revenue on account in 2013. Cash collections from account receivable were $38,000 in 2012 and $58,000 in 2013. Norman Co. paid $26,000 of salaries expense in 2012 and $32,000 of salaries expense in 2013. Norman Co. paid the loan and interest at the maturity date.

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