Vauxall Holdings showed the following information regarding its notes receivable:

Required

For each note:

a. Determine the maturity date.

b. Calculate the days of accrued interest, if any, at December 31, 2020 (Vauxall Holdings? year-end).

c. Calculate the amount of accrued interest, if any, at December 31, 2020.

For Note 3:

d. Prepare the entry to record the accrued interest at December 31, 2020.

e. Prepare the entry to record the collection on the maturity date. Assume that both interest and principal are collected at maturity.

Transcribed Image Text:

Days of Accrued Interest at Dec. 31, Accrued Interest at Dec. 31, 2020* Date of Note Interest Maturity Principal Term Date Note Rate 2020 Nov. 1/19 $240,000 4.0% 180 days 90 days 45 days 30 days 100,000 5/20 Jan. 5.0% 90,000 120,000 4.5% Nov. 20/20 Dec. 10/20 5.5% 4 "Round calculations to the nearest whole cent.