Blossom Inc. had the following long-term receivable account balances at December 31, 2019, Note receivable from sale of division $2.100,000 Note receivable from other 464,800 2 Transactions during 2020 and other information relating to Blossom's long-term receivables were as follows 1 The $2,100,000 note receivable is dated May 1, 2019, bears interest at 10% and represents the balance of the consideration received from the sale of Blossom's electronics division to New York Company, Principal payments of $700.000 plus appropriate interest are due on May 1, 2020,2021, and 2022. The first principal and interest payment was made on May 1, 2020. Collection of the note installments is reasonably assured The $464,800 note receivable is dated December 31, 2019, bears interest at 9%, and is due on December 31, 2022. The note is due from Sean May, president of Blossom Inc and is collateralized by 11,620 shares of Blossom's common stock. Interest is payable annually on December 31, and all interest payments were paid on their due dates through December 31. 2020. The quoted market price of Blossom's common stock was $45 per share on December 31, 2020. On April 1, 2020, Blossom sold a patent to Pennsylvania Company in exchange for a $112,000 zero interest bearing note due on April 1, 2022. There was no established exchange price for the patent, and the note had no ready market. The prevailing rate of interest for a note of this type at April 1, 2020, was 13%. The present value of $1 for two periods at 13% is 0.783 fuse this factor). The patent had a carrying value of $44.800 at January 1, 2020, and the amortization for the year ended December 31, 2020, would have been $8,960. The collection of the note receivable from Pennsylvania is reasonably assured On July 1, 2020, Blossom sold a parcel of land to Splinter Company for $200.000 under an installment sale contract. Splinter made a $60,000 cash down payment on July 1, 2020, and signed a 4 year 12% note for the $140,000 balance. The equal annual payments of principal and interest on the note will be $45,125 payable on July 1, 2021, through July 1, 2024 The land could have been sold at an established cash price of $200,000. The cost of the land to Blossom was $150,000. Circumstances are such that the collection of the installments on the note is reasonably assured 3. Your answer is partially correct. Prepare the long-term receivables section of Blossom's balance sheet at December 31, 2020. (Round answers to 0 decimat places, e3 5.125) BLOSSOM INC. Long-Term Receivables Section of Balance Sheet December 31, 2020 Note reculable from sale ot division 700000 464800 Note receivable from other Not receivable from sale of patient 79146 Installment contract receivable 111675 Total long-term receivables 1055621 Question 1 of 10 Some sheet or ecember 2012 answers to Uomor BLOSSOM INC Selected Balance Sheet Balances For the Quarter Ended December 31, 2020 Current portion of long-term receivables S Note receivable from sale of division Installment contract receivable 700000 28325 Total current portion of long-term receivables $ 728325 Accrued interest receivable Not receivable from sale of division 93333 Installment contract receivable 400 Total scored interest receivable 101733 Your answer is partially correct Prepare a schedule showing interest revenue from the long-term receivables that would appear on Bloss statement for the year ended December 31, 2020. (Round answers to decimal places.es 5,125) BLOSSOM INC. Interest Revenue from Long-Term Receivables For the Year Ended December 31.2020 Notre receivable from sale of division Noteivable from sale of patient Not receivable from office talent contract rechable