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Can i get help with this question? I can't figure it out. Question 1 Martinez Bear Inc. is a retailer of nursery furniture. On April
Can i get help with this question? I can't figure it out.
Question 1 Martinez Bear Inc. is a retailer of nursery furniture. On April 1, 2020, Martinez sold a nursery set to a customer and received a $4,200 3-year non-interest bearing note. Martinez has a December 31 year end and the market rate of interest is 5%. 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. Your answer is correct. Calculate the amount of the sale. Use 1. PV.1 Tables, 2. a financial calculator, or 3. Excel functions to arrive at the amount to record the note receivable. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to I decimal places, e.g. 8,971.) Note receivable 3628.128 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Record all entries associated with the note receivable for the first year of the note. (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. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 8,971.) Date Account Titles and Explanation Debit Credit TApril 1, 2020 Notes Receivable 3628 Record all entries associated with the note receivable for the first year of the note. (Credit account titles are automatically indented when amount is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. F Date Account Titles and Explanation Debit Credit April 1, 2020 TNotes Receivable T 3628 3628 December 31, 2020 Notes Receivable 210 Interest Income 210 x Your answer is incorrect. Try again. How will the accounts used in the transactions in part b. be reported on the statement of comprehensive income and the statement of financial position. Statement of comprehensive income: | Notes Receivable Cash Statement of financial position: Accounts ReceivableStep by Step Solution
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