By December 31, 2020, Pina Corp. had performed a significant amount of environmental consulting services for Blossom Ltd. Blossom was short of cash, and Pina agreed to accept a $183,000, non-interest-bearing note due December 31, 2022, as payment in full. Blossom is a bit of a credit risk and typically borrows funds at a rate of 15%. Pina is much more creditworthy and has various lines of credit at 9%. Pina 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 Pina 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.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

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List of Accounts

Assuming Pina'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 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.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

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List of Accounts

Assuming Pina'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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title to record interest income	enter a debit amount	enter a credit amount
enter an account title to record interest income	enter a debit amount	enter a credit amount
(To record interest income)
enter an account title to record maturity	enter a debit amount	enter a credit amount
enter an account title to record maturity	enter a debit amount	enter a credit amount
(To record maturity)

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List of Accounts

What are the amount and classification of the note on Pina 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

$enter The balance of the note at December 31, 2021 in dollars rounded to 0 decimal places

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

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List of Accounts

Assume instead that Pina 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