By December 31, 2020, Blue Corp. had performed a significant amount of environmental consulting services for Crane Ltd. Crane was short of cash, and Blue agreed to accept a $298,000, noninterest-bearing note due December 31, 2022, as payment in full. Crane is a bit of a credit risk and typically borrows funds at a rate of 15%. Blue is much more creditworthy and has various lines of credit at 9%. Blue Corp. reports under IFRS. The tables in this problem are to be used as a reference for this problem. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1.

Prepare the journal entry to record the transaction on December 31, 2020, for Blue Corp. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Assuming Blues fiscal year end is December 31, prepare the journal entry required at December 31, 2021. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Assuming Blues fiscal year end is December 31, prepare the journal entry required at December 31, 2022. (Round answers to 0 decimal places, e.g. 58,971. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

(To record interest income)

(To record maturity)

What are the amount and classification of the note on Blue Corp.s statement of financial position as at December 31, 2021? (Round answer to 0 decimal places, e.g. 58,971.)

The balance of the note at December 31, 2021

The note would be classified as a select an option current assetnon-current asset on the balance sheet.