As payment for services rendered, the company received a 36-month note on January 1. The face amount
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As payment for services rendered, the company received a 36-month note on January 1. The face amount of the note is $1,000; the note is non-interest-bearing. There is no reasonable basis for determining the cash price of the services rendered. The market rate of interest is 10%, compounded annually. The $1,000 face amount of the note will be received at the end of the 36-month period. Make all journal entries necessary on the books of the recipient of the note during the 36-month life of this note. Don’t forget any necessary year-end adjusting entries.
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Year 1 Notes Receivable 1000 Jan 1 Discount on Notes Receivable 249 Service Revenue 751 To compute t...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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