On December 31, 2002, Sea Containers Ltd., a company located in Hamilton, Bermuda, reported notes receivable of
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On December 31, 2002, Sea Containers Ltd., a company located in Hamilton, Bermuda, reported notes receivable of $63,930,000. This amount represents the present value of future cash flows (both principal and interest) discounted at a rate of 11.12% per annum. The schedule of collections of the receivables is provided next:
Assume that the interest due is paid along with the face value of the receivables at the end of each year.
Required:
Provide journal entries to record the interest received and the notes receivable collected in each year.
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