Cullumber Inc. had the following long-term receivable account balances at December 31, 2019, Note receivable from sale of division Note receivable from officer $1,200,000 489.100 Transactions during 2020 and other information relating to Cullumber's long-term receivables were as follows. 1. 2. 3. The $1,200,000 note receivable is dated May 1, 2019, bears interest at 10%, and represents the balance of the consideration received from the sale of Cullumber's electronics division to New York Company, Principal payments of $400,000 plus appropriate interest are due on May 1, 2020, 2021, and 2022. The first principal and interest payment was made on May 1, 2020. Collection of the note installments is reasonably assured. The $489.100 note receivable is dated December 31, 2019, bears interest at 9%, and is due on December 31, 2022. The note is due from Sean May.president of Cullumber Inc, and is collateralized by 12,228 shares of Cullumber's common stock. Interest is payable annually on December 31, and all interest payments were paid on their due dates through December 31, 2020. The quoted market price of Cullumber's common stock was $47 per share on December 31, 2020 On April 1, 2020, Cullumber sold a patent to Pennsylvania Company in exchange for a $101,000 zero-interest-bearing note due on April 1, 2022. There was no established exchange price for the patent, and the note had no ready market. The prevailing rate of interest for a note of this type at April 1, 2020, was 13%. The present value of $1 for two periods at 13% is 0.783 (use this factor). The patent had a carrying value of $40,400 at January 1, 2020, and the amortization for the year ended December 31, 2020, would have been $8,080. The collection of the note receivable from Pennsylvania is reasonably assured On July 1, 2020, Cullumber sold a parcel of land to Splinter Company for $200,000 under an installment sale contract. Splinter made a $60,000 cash down payment on July 1, 2020, and signed a 4-year 12% note for the $140.000 balance. The equal annual payments of principal and interest on the note will be $45,125 payable on July 1, 2021, through July 1, 2024. The land could have been sold at an established cash price of $200.000. The cost of the land to Cullumber was $150,000, Circumstances are such that the collection of the installments on the note is reasonably assured. 4. 16.68/25 Your answer is partially correct. Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Cullumber's balance sheet at December 31, 2020. (Round answers to 0 decimal places, e.g. 5,129.) CULLUMBER INC. Selected Balance Sheet Balances December 31, 2020 Current portion of long-term receivables Installment contract receivable 500000 Note receivable from sale of division 400000 Total current portion of long-term receivables $ 900000 Accrued interest receivable Note receivable from sale of division $ 123000 Installment contract receivable 7700 Total accrued interest receivable $ 86919 5 dl orrec Prepare a schedule showing interest revenue from the long-term receivables that would appear on Cullumber's income statement for the year ended December 31, 2020. (Round answers to 0 decimal places, e.g. 5.125.) CULLUMBER INC. Interest Revenue from Long-Term Receivables For the Year Ended December 31, 2020 Interest revenue Note receivable from officer $ 37216 Installment contract receivable 28325 Note receivable from sale of patent 8249 Note receivable from sale of division 126000 Total interest revenue 111675