On June 1, 2014, Siebens Enterprises loaned $23,500 to Tyler Company for one year at 6 percent interest. Under the terms of the promissory note, Tyler will repay the principal and pay one year's interest on May 31, 2015.
Related to this note receivable, what amount of interest income would Siebens report on its 2014 income statement? (Round your final answer to the nearest whole dollar amount.)
$705
$1,410
$823
$1,175