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Dr. Notes Receivable 80,000.00 Dr. Notes Receivable 80,000. Cr. Equipment 63,506.57 Cr. Equipment Cr. Discount on NR 16,493.43 Cr. Discount on NR Subsequent Entry to

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Dr. Notes Receivable 80,000.00 Dr. Notes Receivable 80,000. Cr. Equipment 63,506.57 Cr. Equipment Cr. Discount on NR 16,493.43 Cr. Discount on NR Subsequent Entry to recognize interest revenue 31-Dec FV=80,000 1=8% N=3years Pmt=0 PV= 63,506.57 Dr. Discount on NR 5,081.00 63,506.57*8% Dr. Discount on NR 5,081.00 Cr. Interest Income 5081.00 Cr. Interest Income 5081.00

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