answer part B problem 7-09

Problem 7.00 (Part Level Submission) Skyseno Ine had the following long-term receivable account balances at December 31, 2019 Nate recevable from sale of division $1,000,000 Note receivable from officer 165.200 Transactions during 2020 and other information relating to song's long-term recevables were as follows. 1. The 11,000,000 not receivable la dated May 1, 2010, bears interest, and represents the balance of the consideration received from the sale of Skysong's electronic vision to New York Company Principal payments of 600,000 plus appropriate interest are due on May 1, 2020, 2021, and 2022. The first price and interest payment made on May 1, 2020. Collection of the note installments sonably assured 2 The 405.200 note receivables dated December 31, 2019, beans interest and is due on December 31, 2022. The note is due trom Sean e president of Sonic and is collateralized by 11,60 shares of Skysong's common stock test is payable annually on December 31, and interest payments were in their due dates through December 11, 2020 The Gunted market price of Skysong's common stock was 346 per share on December 31, 2020, On April 1, 2020. Skygo patento Pensylvania Company in exchange for a $115.000 interest bei due on April 12022. The was established exchange price for the patent and then had to ready market. The prevailing rate of interest for a note of this type at April 1, 2070, 12 present value of 1 for two periode 12% 0.707 (ume this factor. The notert had a carving value of $46.000 at any 2020, wd the amortization for the year ended December 1, 2030, would have been 59,200. The collection of the note receivable from Prylvania iseseisured 4 On July 1, 2020. Song soldaar of land top Commy for $300.000 under contract, Solter made a 160,000 cash payment on July 1 2020, de 11 note for the $140,000 in the equat anual payments of past on the note will be $45.125 par luy 1, 2021, through July 1, 2026 The land could have been soldat an established cash price of $100.000. The cost of the land to Song 3150,000 moh that the collection of the statments on the nobis reasonabled Prepare the long-term recebalance sheet December 2010 decimal S125) Your answer is correct. Prepare the long-term receivables section of Skysong's balance sheet at December 31, 2020. (Round answers to o decimal places, e.g. 5,125.) SKYSONG INC Long-Term Receivables Section of Balance Sheet December 11, 2020 600000 Note receivable from sale of division 465200 Not receivable from ottico tudy 99903 Note reodivable from sale of natant 110275 Installment contract recevable 1225378 Tot long-term calablem SHOW SOLUTION LINK TO TEXT Attemnts: 1 of 5 us Prepare a schedule showing the current portion of the long-term cables and accrued interest recevable that would appear in Sky's balance sheet at December 1, 2020 (round wo decimal plom. 5.120.) SKYSONG INC Selected Balance sheet Balance Dec 31, 2020 Current portion of normale Not receive from sale of division GOGONE Total portion of inter receive Accrued interest receivable Novi roma di In contract recevable Attempts of Sud SAVE TEATER