1. On 1/1/2020, a company lent $12,860 to XYZ in exchange for a $15,000 receivables with an expiration date of 31/12/2021. The effective interest rate on the market at the time of the loan was 8%. Determine the interest income to be reported in the income and expense statement for the period ending December 31, 2020. 2. As of December 31, 2021, a company had a Provision account for uncollectible accounts with a debit balance of $200. Credit sales during 2021 were $60,000. An aging analysis of receivables indicated that $2,300 would be uncollectible. In addition, management estimates that 4% of credit sales will be uncollectible. How much was the amount corresponding to the expense of uncollectible accounts that the company reported by 2021 if the income and expense statement (% of sales) approach was used to determine the provision balance? 3. A company acquired equipment from a manufacturer on 6/30/2021 and gave it a noninterest-bearing note in return. A company is required to pay $550,000 on 4/30/2022. A company amassed $15,000 as an interest expense as of December 31, 2021. Determine the interest income that the manufacturer will recognize in 2022 related to the promissory note on June 30, 2021. 4. A company sold land whose acquisition cost was $590,000 and its fair value at the time of sale was $700,000. The ABC Company received in return a nominal value promissory note $1,101,460 with no non-interest-bearing note payable in four years. The entry to record the sale on ABC books will be? 5. A company sold land whose acquisition cost was $590,000 and its fair value at the time of sale was $700,000. A Company received in return a nominal value promissory note $1,101,460 with no non-interest-bearing note payable in four years. The entry to record the sale on ABC books will be