Chamberlain Enterprises Inc. reported the following receivables in its December

Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet:

Current assets:
Accounts receivable, net of $24,000 in allowance for uncollectible accounts…….. $ 218,000
Interest receivable ………………………………………………………………………………………………….6,800
Notes receivable ………………………………………………………………………………………………..260,000

Additional Information:
1. The notes receivable account consists of two notes, a $60,000 note and a $200,000 note. The $60,000 note is dated October 31, 2021, with principal and interest payable on October 31, 2022. The $200,000 note is dated June 30, 2021, with principal and 6% interest payable on June 30, 2022.

2. During 2022, sales revenue totaled $1,340,000, $1,280,000 cash was collected from customers, and $22,000 in were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end On March 31, 2022, the $200,000 note receivable was discounted at the Bank of Commerce. The bank’s is 8%. Chamberlain accounts for the discounting as a sale.

Required:
1. In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain’s 2022 income statement?
2. What amounts will appear in the 2022 year-end for Calculate the receivables turnover ratio for 2022.

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