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Chen Inc. accepted a two-year noninterest-bearing note for $605,000 on January 1, 2021. The note was accepted as payment for merchandise. The effective interest

Chen Inc. accepted a two-year noninterest-bearing note for $605,000 on January 1, 2021. The note was accepted as payment for merchandise. The effective interest rate is 10%. Q1: JE on 12/31/2022 would be? Q: What is the present value of the note? Q: What is the interest revenue in 2021 and 2022

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SOLUTION Q1 The journal entry on December 31 2022 would be Debit Notes Receivable Chen Inc 605000 Cr... blur-text-image

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