a) Determine the dollar amount of the cash payment of P&I to be remitted each April 1st: $_______________

b) Using the information presented in #1 above, determine what amount of Interest Revenue ABC should recognize from this note for the year ending December 31, 2021. $___________________________________

c) Using the information presented in #1 above, prepare a partial Balance Sheet as of December 31, 2020:

Current Assets:

Interest Receivable $

Note Receivable (current maturity) $

Long-Term Investments:

Note Receivable $

Incorrect Question 1 0/0.71 pts Long-Term Notes Receivable and TVM. Use the following present value tables to help answer the following questions. *Do not round any answer until your final answer. Round your final answer to the nearest whole dollar. When entering your final answer, do not use commas or $ sign. (Sorry... Blackboard is very sensitive and will mark your answer incorrect due to rounding and punctuation.) PV of $1 Periods 3 5 9 10 4% .89 .82 .70 .68 6% .84 .74 .59 .56 8% ..79 .68 .50 .46 9% .77 .65 46 .42 Present Value of an ordinary Annuity 4% 2.77 4.45 7.43 8.11 6% 2.67 4.21 6.80 7.36 8% 2.57 3.99 6.25 6.71 9% 2.53 3.89 5.99 6.41 Part I. On April 1, 2020, ABC Company rendered services to Jones Company in exchange for a three year, $400,000, 8% note. Payments of P&I (Principal & Interest) are due each April 1st, with the first payment due immediately. December 31st is the fiscal year end for ABC. Jones' normal cost to borrow is 8%. Required: Use the above information to answer the next (4) questions: Incorrect Question 1 0/0.71 pts Long-Term Notes Receivable and TVM. Use the following present value tables to help answer the following questions. *Do not round any answer until your final answer. Round your final answer to the nearest whole dollar. When entering your final answer, do not use commas or $ sign. (Sorry... Blackboard is very sensitive and will mark your answer incorrect due to rounding and punctuation.) PV of $1 Periods 3 5 9 10 4% .89 .82 .70 .68 6% .84 .74 .59 .56 8% ..79 .68 .50 .46 9% .77 .65 46 .42 Present Value of an ordinary Annuity 4% 2.77 4.45 7.43 8.11 6% 2.67 4.21 6.80 7.36 8% 2.57 3.99 6.25 6.71 9% 2.53 3.89 5.99 6.41 Part I. On April 1, 2020, ABC Company rendered services to Jones Company in exchange for a three year, $400,000, 8% note. Payments of P&I (Principal & Interest) are due each April 1st, with the first payment due immediately. December 31st is the fiscal year end for ABC. Jones' normal cost to borrow is 8%. Required: Use the above information to answer the next (4) questions