Notes Receivable. * Do not round any answer until your final answer.

Notes Receivable. Use the following present value tables to help answer the following questions.  

*Do not round any answer until your final answer. Round your final answer to the nearest whole dollar. When entering your final answer, do not use commas or $ sign. (Sorry…Blackboard is very sensitive and will mark your answer incorrect due to rounding and punctuation.)

PV of $1Periods35910 4%.89.82.70.68 6%.84.74.59.56 8%.79.68.50.46 9%.77.65.46.42Present Value of an Ordinary Annuity

      4%2.774.457.438.11 6%2.674.216.807.36 8%2.573.996.256.71 9%2.533.895.996.41

Part I.  On April 1, 2018, ABC Company rendered services to Jones Company in exchange for a three year, $400,000, 8% note. Payments of P&I (Principal & Interest) are due each April 1st, with the first payment due immediately. December 31st is the fiscal year end for ABC. Jones’ normal cost to borrow is 8%.

Required: Use the above information to answer the next (4) questions:

1. Determine the dollar amount of the cash payment of P&I to be remitted each April 1st:$[Question_1]

2. Determine the Service Revenue ABC can recognize on April 1, 2018.

$__________________________________________

3. Determine the Total Interest Revenue that ABC will recognize on this note for the year ended December 31, 2019.$_____________________________________

4. Prepare partial Balance Sheet for this Note Receivable as of December 31, 2018:Current Assets:

Interest Receivable $_____________________

Note Receivable   $_____________________

Long-Term Investments:

Note Receivable   $_____________________

1.Determine the dollar amount of the cash payment of P&I to be remitted each April 1st: $_______________

 

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