By December 31, 2020, Grouper Corp. had performed a significant amount of environmental consulting services for Sheridan Ltd. Sheridan was short of cash, and Grouper agreed to accept a $225.500,non-Interest bearing note due December 31, 2022, as payment in full. Sheridan is a bit of a credit risk and typically borrows funds at a rate of 15%. Grouper is much more creditworthy and has various lines of credit at 8% Grouper Corp. reports under RS. The tables in this problem are to be used as a reference for this problem. Click here to view the factor tablet PRESENT VALUE OF 1. Click to the factor Tablet PRESENT VALUE OF AN ANNUITY OEN. Prepare the journal entry to record the transaction on December 31, 2020, for Grouper Corp. (For calculation purposes, use S decimal places as displayed in the factor table provided. Credit account titles are automatically indented when amount is entered. Do not indent manually. If ne entry is required, select "No Entry for the accountries and enter for the amounts.) Account Tities and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEKT LINK TO TEXT Assuming Grouper'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 table provideot Credit account files are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the accountities and enter for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Assuming Grouper's fiscal year end is December 31, prepare the journal entry required December 31, 2022. (Round answers to decimal places, .. 58.971. Credit account titles are automatically indented when amount is entered. Do not indent manually. If he entry is required, select "No Entry for the account titles and enter for the amounts) Account Tities and Explanation Debit Credit (To record interest.com (To record maturity) SHOW LINT OF ACCOUNTS LINK TO TEXY LINK TO TEET what are the amount and classification of the note on Grouper Corp. statement of Financial position as at December 31, 2021? (Round answer to decimal places, 6. 58,971.) The balance of the note at December 31, 2021 The note would be classified as a on the balance sheet HOW UNT OF MECOUNTS LINK TO TEXT LINE TO TEXT Assume instead that Grouper 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 too decimal places, eg. 58,971.) Interest income for 2021 Interest income for 2022
