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DONT NOT ATTEMPT IF YOU CANT ATTEMPT ALL QUESTIONS!! Show ALL work clearly!! 1. On April 1, 2012, Green Company finished consultation services and accepted

DONT NOT ATTEMPT IF YOU CANT ATTEMPT ALL QUESTIONS!! Show ALL work clearly!! image text in transcribed
1. On April 1, 2012, Green Company finished consultation services and accepted in exchange a note receivable with a face value of 600,000, a due date of April 1, 2015, and a stated rate of 6%, with interest receivable at the end of each year. The note of this type of risk is considered to have an appropriate market rate of interest of 10%. a. Fill up the following: Face rate value Stated Market rate b. Was this note receivable issued at discount, par, or premium? c. Determine the total sales revenue Green Company recognized on April 1, 2012. (The sales revenue is the issue price because this is essentially how much the company provides to their customer today. It helps to draw a timeline of cash flows for this question.) d. Provide all journal entries in 2012 and 2013

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