By December 31, 2020, Culver Corp. had performed a significant amount of environmental consulting services for Sunland Ltd. Sunland was short of cash, and Culver agreed to accept a $170,000, non-interest-bearing note due December 31, 2022, as payment in full. Sunland is a bit of a credit risk and typically borrows funds at a rate of 15%. Culver is much more creditworthy and has various lines of credit at 8%. Culver 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. udy. Your answer is partially correct. Try again. Prepare the journal entry to record the transaction on December 31, 2020, for Culver 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 o for the amounts.) Account Titles and Explanation Debit Credit Notes Receivable 145,747.59945 M Service Revenue 145,747.59945 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Assuming Culver's 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 tabl 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 o for the amounts.) Account Titles and Explanation Debit Credit Notes Receivable 11,659.80796 Interest Income 11,659.80796 Your answer is partially correct. Try again. Assuming Culver's 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 o for the amounts.) Debit Credit Account Titles and Explanation x Notes Receivable 18,888.89 x 18,888.89 Interest Income (To record interest income) 170,000.00 Cash 170,000.00 Notes Receivable (To record maturity) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT x Your answer is incorrect. Try again. What are the amount and classification of the note on Culver 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 on the balance sheet. The note would be classified as a x Your answer is incorrect. Try again. What are the amount and classification of the note on Culver 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 1 The note would be classified as on the balance sheet. current asset non-current asset SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT x Your answer is incorrect. Try again. Assume instead that Culver 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 Interest income for 2022
