3 155 Question 3 156 15 marks C D G 157 A 158 159 The stated interest rate of note is: 160 The market interest rate is: On January 1, 2020, Snow Co. receives a 5-year note in exchange for cash. The face value of the note is 720,000 9.00% 11.00% 161 162 16J Snow uses the straight-line method. 164 165 166 The note pays interest annually, starting on December 31, 2020 Snow's fiscal year end is December 30. + Prepare the necessary journal entries for Snow on the following dates: There are more yellow boxes given than necessary for the 1/E. Leave blank the boxes that you do not need. If there is no 1/E needed, leave the boxes blank. Jan 1, 2020 167 168 16 170 Dec 31, 2020 171 172 173 174 Dec 31, 2021 175 176 127 178 179 100 instruction Questions 178 179 100 181 B 102 The present value of the note is: 103 On July 1, 2020, Maxine Co. receives a note in exchange for some services 272,136 Maxine will receive four equal payments from this note starting on June 30, 2021. 184 The implied interest rate of note is: 9.00% 185 Maxine's fiscal year end is June 30. 186 Maxine uses the effective interest method. 187 108 189 Prepare the necessary journal entries for Maxine on the following dates: There are more yellow boxes given than necessary for the 3/E. Leave blank the boxes that you do not need. If there is no 1/E needed, leave the boxes blank. 1901 July 1, 2020 191 192 193 104 June 30, 2021 195 196 107 199 200 2011 202 203 Question 4 20 marks Instruction Questions June 30, 2022 Duplay ng