50. Dunn Company accepted a $200,000, 90-day, 12 percent interest-bearing note dated September 1, 2016, from a customer for an accounts receivable balance. On October 1, 2016, Dunn discounted the note, without recourse, to City National Bank at a 10 percent discount rate. The customer paid the note at maturity. 5 points

(1)

Record the necessary journal entry to discount the note with the bank on Dunn Company's books. Round amounts to the nearest dollar. What is the maturity value of the $200,000 note?_________ What is the GJ entry to discount the note at the bank?

(2)

What entry would be required on Dunn Company's books at maturity if the customer defaults and Dunn pays the bank the amount owed? 53-55 4 points each 53. Assume you have $10,000 to invest in a fund at 5% interest. Show the math. a. How much will be in the fund at the end of year 1? __________ b. How much will be in the fund at the end of year 2? __________ c. How much will be in the fund at the end of year 20? __________ 54. Assume you invest $5,000 each year for 40 years. What will be the balance in your fund at 5% interest in Year 2056? Show the present value amount and math. 55. Assume you want to retire with a fund of $600,000 in a retirement fund at 10% interest in 40 years. How much should you invest in the bank today so you have $600,000 in 40 years?