By December 31, 2020, Bridgeport Corp. had performed a significant amount of environmental consulting services for Ivanhoe Ltd. Ivanhoe was short of cash, and Bridgeport agreed to accept a $140,000, noninterest-bearing note due December 31, 2022, as payment in full. Ivanhoe is a bit of a credit risk and typically borrows funds at a rate of 15%. Bridgeport is much more creditworthy and has various lines of credit at 8%. Bridgeport Corp. reports under IFRS. The tables in this problem are to be used as a reference for this problem.

a)Prepare the journal entry to record the transaction on December 31, 2020, for Bridgeport Corp.

b)Assuming Bridgeports fiscal year end is December 31, prepare the journal entry required at December 31, 2021.

c)Assuming Bridgeports fiscal year end is December 31, prepare the journal entry required at December 31, 2022.

d)

e)Assume instead that Bridgeport reports under ASPE and uses the straight-line method to amortize the discount on the note. What would the interest income be relating to the note for 2021 and 2022? (Round answer to 0 decimal places, e.g. 58,971.)

Interest income for 2021		$enter a dollar amount rounded to 0 decimal places
Interest income for 2022		$enter a dollar amount rounded to 0 decimal places

What are the amount and classification of the note on Bridgeport Corp.'s statement of financial position as at December 31, 2021? (Round answer to O decimal places, e.g. 58,971.) The balance of the note at December 31, 2021 $ The note would be classified as a A on the balance sheet