ES CALCULATOR FULL SCREEN DRONTE VERSION BACK Problem ingle Inc. at the following long-term receivable account balances at December 31, 2015 No cable for sale of division $900.000 Nate receivable from 430,000 NET ons during 2017 and other information relating to Kingbird's long-term receivables were as follows 1. The $900,000 receivables dated May 1, 2015, bears interest st 10% and represents the balance of the consideration received from the sale of Kingbird's electronics division to New York Company Principal payments of $300,000 plus appropriate Interest are due on May 1, 2017, 2018, and 2019. The first principal and interest payment was made on 2011. Collection of the instaliments is reasonably assured 7. The so.000 note receivable is dated December 31, 2016. berinterest at and is our on December 31, 2019. The late is due from San May. president of Kingbird Inc. and is cotized by 10,975 shares of Kingbird's common stock testi pavale annually on December 31, and interest payments were paid on their due dates through December 11, 2017. The usted market price of Kingbird's common stock was $45 per Share on December 31, 2017 1 OL. 2027. Ontirid soda patent to Pennsylvania Conany in exchange for $112,000 zero interest-bearing note due on April 1. 2019. There was no established e price for the patent and the cote had no rosty market. The prevailing rate of interest for a cote of this type at April 1, 2017 was 145. The present value of 1 for two posat 140.76 se this factor. The tent had a value of $44.900 Tanuary 1, 2017, and the amortization for the year ended December 31, 2017 webes 56.950. The collection of the note receivable to ensure assured onuly 1, 2017. nobird sold a parcel of land ts Splinter Comfor $211.600 under an instalment sale contract Splinter made a $63.450 cash down payment on July 1. 2017, and signed a 13'te for the 5145.120 The sale of Prindoal and interest on the cote wat be 43.799 payable on July 1, 2018 throw 1.2001. The last could have been sold at an established price of $211.600. The cost of the land to Kingbird was $161.600. Circunstans Collect the into the noternativas broncs econofobi Prepare the long-term receivables section of Kingbird's balance sheet at December 31, 2017. (Round answers to o decimal places, e.g. 5,125.) KINGBIRD INC. Long-Term Receivables Section of Balance Sheet Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Kingbird's balance sheet at December 31, 2017 (Round answers to decimal places... 5.129.) KINGBIRD INC Selected Balance Sheet Balances Prepare a schedule showing interest revenue from the long-term receivables that would appear on Kingbird's income statement for the year ended December 31, 2017. (Round ) KINGBIRD INC. Interest Revenue from Long-Term Receivables Click if you would like to Show Work for this question poe Show Problem 7-9 Xingbird Inc. had the following long-term receivable account balances at December 31, 2016 Note receivable from sale of division $900,000 Note receivable from officer 439,000 Transactions during 2017 and other information relating to Kingbird's long-term receivables were as follows. 1. The 1900.000 not receivable is dated May 1, 2016, bears interest at 10%, and represents the balance of the consideration received from the sale of Kingbird's electronics division to New York Company. Prindoal payments of $300,000 plus appropriate interest are due on May 1, 2017, 2016, and 2019. The first principal and interest payment was made on May 1, 2017 Collection of the note installments is reasonably assured. 2. The 3409,000 note receivable is dated December 31, 2016, bears interest at, and is due on December 31, 2019. The note is due from Sean May, president of Kingbird Inc and is coatered by 10,975 shares of Kingbird's common stock. Interest is payable annually on December 31, and all interest payments were paid on their due dates through December 31, 2017. The quoted market price of Kingbird's common stock was 546 per share on December 31, 2017 On April 1, 2017, Wingbind sold a patent to Pennsylvania Company in exchange for a $112.000 zero-interest-bearing note due on April 1, 2019. 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, 2017, was 14%. The present value of $1 for two periods at 14% is 0.760 (use this factor). The patent had a carrying value of $44,800 at January 1, 2017, and the amortization for the year ended December 31, 2017 would have been $8,960. The collection of the note receivable from Pennsylvania is reasonably assured 4. On July 1, 2017, Kingbird sold a parcel of land to Splinter Company for $211,600 under an installment sale contract. Splinter made a 563,480 cash down payment on July 1, 2017, and signed a 4 year 135 note for the $145,120 balance. The equal annual payments of indpal and interest on the note will be 543,799 payable on July 1, 2018 through July 1, 2021. The land could have been sold at an established cash price of 5211,600. The cost of the land to Kingbird was 5161,600. Circumstances are such that the collection of the installments on the note is reasonably assured Prepare the long term receivables section of iongbird's balance sheet at December 31, 2017 Round answers to decimalne Prepare the long-term receivables section of Kingbird's balance sheet at December 31, 2017. (Round answers to o decimal places, c.0.5.125.) KINGBIRD INC. Long-Term Receivables Section of Balance Sheet Prepare a schedule showing the current portion of the long term receivables and accrued interest receivable that would appear in Kingbird's balance sheet at December 31, 2017 (Round answers to decimal places, eo 129.) KINGBIRD INC Selected Balance Sheet Balances Prepare a schedule showing interest revenue from the long-term receivables that would appear on Kingbird's income statement for the year ended December 31, 2017. (Round answers to decimal places 1.5.125) KINGBIRD INC Interest Revenue from Long-Term Receivables Click if you would like to show Work for this question: Doe Show Work CALCULATOR FULL SCREEN PRINTER VERSION & BACK NE Problem 7-9 Kingbird Inc. had the following long-term receivable account balances at December 31, 2016 Nobe receivable from sale of division Nato receivable from officer $900,000 439,000 Transactions during 2017 and other information relating to Kingbird's long-term receivables were as follows: 1. The $900.000 not receivable is dated May 1, 2016. bears interest at 10%, and represents the balance of the consideration received from the sale of Kingbird's electronics division to New York Company, Principal payments of $300.000 plus appropriate interest are due on May 1, 2017 2018, and 2019. The first principal and interest payment was made on May 1, 2017 Collection of the note installments is reasonably assured 2. The 479,000 note receivable is dated December 31, 2016, bears interest at 9%, and is due on December 31, 2019. The note is due from Sean May, president of ingbird the and is collateralized by 10.975 shares of Kingbird's common stock. Interest is payable annually on December 31, and all interest payments were paid on their due dates through December 31, 2017. The quoted market price of Kingbird's common stock was $46 per share on December 31, 2017 3. On kort 1.2017. Kongbird sold a patent to Pennsylvania Company in exchange for a $112.000 zero interest-bearing note due on April 1, 2019. 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, 2017, was 14. The present value of 1 for to periods 10700 (use this factor). The patent had a carrying value of $44.800 at January 1, 2017, and the amortization for the year ended December 31, 2017 would have been 18.960. The collection of the not receivable from Pennsylvania is reasonably assured 4 On July 1, 2017. Ongbird sold a parcel of land to Splinter Company for $211.600 under an installment sale contract Splinter made a $63.480 cash down payment on July 1, 2017, and signed a war 23 note for the $145.120 balance. The equal annual payments of principal and interest on the note wil be $45,799 payable on July 1, 2018 through 2011. The tant could have been soldat an established cash price of $211.600. The cost of the land to Kingbird was $161,600. Circumstances are such that the Co of the installments on the note is reasonably assured Prepare the long-term receivables section of Kingbird's balance sheet at December 31, 2017. (Round answ KINGBIRD INC. Long-Term Receivables Section of Balance Sheet CALCULATOR FULL SCREEN PRINTER VERSION + BOX Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Kingbird's balance sheet at December 31, 2017. (Round answers to decimal places, 5129.) KINGBIRD INC Selected Balance Sheet Balances Prepare a schedule showing interest revenue from the long-term receivables that would appear on Kingbird's income statement for the year ended December 21, 2017 answers to decimal places, c.0.5.125.) KINGBIRD INC. Interest Revenue from Long-Term Receivables Problem 7 9 Kingbird Inc, had the following long-term receivable account balances at December 31, 2016 Note receivable from sale of division $900,000 Note receivable from officer 479.000 Transactions during 2017 and other information relating to Kingbird's long-term receivables were as follows 1. The $900,000 note receivable is dated May 1, 2016, bears interest at 10% and represents the balance of the consideration received from the sale of Kingbird's electronics division to New York Company Principal payments of $300.000 plus appropriate interest are due on May 1, 2017, 2018, and 2019. The first principal and interest payment was made on May 1, 2017 Collection of the note installments is reasonably assured. 2 The $429,000 note receivable is dated December 31, 2016, bears interest at 9% and is due on December 31, 2019. The note is due from Sean May, president of Kingbird foc, and is collateralized by 10.975 shares of Kingbird's common stock Interest is payable annually on December 31, and all interest payments were paid on their due dates through December 31, 2017. The quoted market price of Kingbird's common stock was 546 per share on December 31, 2017 3. On April 1, 2017, Ingbird sold a patint to Pennsylvania Company in exchange for a $112.000 zero-interest-bearing note due on April 1. 2019. 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 boat April 1, 2017, was 14%. The present value of $1 for two periods at 149 1 0.769 (use this factor). The patent had carrying value of $44100 at January 1, 2017, and the amortication for the year ended December 31, 2017 would have been $8.960. The collection of the note receivable from Pennsylvania s reasonably assured On July 1, 2017. Kingbird sold a parcel of land to Splinter Company for $211.600 under an installment sale contract Splinter made a $65,400 cash down payment on July 1 2017, and signed a 4-year 13 note for the $143.120 balance. The equat annual payments of principal and interest on the note will be $90,799 payable only 1, 2011 through July 1, 2021. The land could have been sold at an established cash price of $211.600. The cost of the land to Kingbird was 5161,600. Circumstances are such that the collection of the installments on the note is reasonably assured Prepare the long-term receivables section of Kingbird's balance sheet at December 31, 2017. (Round answ KINGBIRD INC. Long-Term Receivables Section of Balance Sheet $ Prepare a schedule showing the current portion of the long term receivables and accrued interest receivable that would appear in Kingbird's balance sheet December 31, 2017 (Round answers to decimal places 0.5 129.) KINGBIRD INC Selected Balance Sheet Balances 5 Prepare a schedule showing interest revenue from the long-term rectivables that would appear on Kingbird's income statement for the year ended December 31, 2017. (Rour answers to decimal places, e.g. 5125.) KINGBIRD INC. Interest Revenue from Long-Term Receivables ES CALCULATOR FULL SCREEN DRONTE VERSION BACK Problem ingle Inc. at the following long-term receivable account balances at December 31, 2015 No cable for sale of division $900.000 Nate receivable from 430,000 NET ons during 2017 and other information relating to Kingbird's long-term receivables were as follows 1. The $900,000 receivables dated May 1, 2015, bears interest st 10% and represents the balance of the consideration received from the sale of Kingbird's electronics division to New York Company Principal payments of $300,000 plus appropriate Interest are due on May 1, 2017, 2018, and 2019. The first principal and interest payment was made on 2011. Collection of the instaliments is reasonably assured 7. The so.000 note receivable is dated December 31, 2016. berinterest at and is our on December 31, 2019. The late is due from San May. president of Kingbird Inc. and is cotized by 10,975 shares of Kingbird's common stock testi pavale annually on December 31, and interest payments were paid on their due dates through December 11, 2017. The usted market price of Kingbird's common stock was $45 per Share on December 31, 2017 1 OL. 2027. Ontirid soda patent to Pennsylvania Conany in exchange for $112,000 zero interest-bearing note due on April 1. 2019. There was no established e price for the patent and the cote had no rosty market. The prevailing rate of interest for a cote of this type at April 1, 2017 was 145. The present value of 1 for two posat 140.76 se this factor. The tent had a value of $44.900 Tanuary 1, 2017, and the amortization for the year ended December 31, 2017 webes 56.950. The collection of the note receivable to ensure assured onuly 1, 2017. nobird sold a parcel of land ts Splinter Comfor $211.600 under an instalment sale contract Splinter made a $63.450 cash down payment on July 1. 2017, and signed a 13'te for the 5145.120 The sale of Prindoal and interest on the cote wat be 43.799 payable on July 1, 2018 throw 1.2001. The last could have been sold at an established price of $211.600. The cost of the land to Kingbird was $161.600. Circunstans Collect the into the noternativas broncs econofobi Prepare the long-term receivables section of Kingbird's balance sheet at December 31, 2017. (Round answers to o decimal places, e.g. 5,125.) KINGBIRD INC. Long-Term Receivables Section of Balance Sheet Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Kingbird's balance sheet at December 31, 2017 (Round answers to decimal places... 5.129.) KINGBIRD INC Selected Balance Sheet Balances Prepare a schedule showing interest revenue from the long-term receivables that would appear on Kingbird's income statement for the year ended December 31, 2017. (Round ) KINGBIRD INC. Interest Revenue from Long-Term Receivables Click if you would like to Show Work for this question poe Show Problem 7-9 Xingbird Inc. had the following long-term receivable account balances at December 31, 2016 Note receivable from sale of division $900,000 Note receivable from officer 439,000 Transactions during 2017 and other information relating to Kingbird's long-term receivables were as follows. 1. The 1900.000 not receivable is dated May 1, 2016, bears interest at 10%, and represents the balance of the consideration received from the sale of Kingbird's electronics division to New York Company. Prindoal payments of $300,000 plus appropriate interest are due on May 1, 2017, 2016, and 2019. The first principal and interest payment was made on May 1, 2017 Collection of the note installments is reasonably assured. 2. The 3409,000 note receivable is dated December 31, 2016, bears interest at, and is due on December 31, 2019. The note is due from Sean May, president of Kingbird Inc and is coatered by 10,975 shares of Kingbird's common stock. Interest is payable annually on December 31, and all interest payments were paid on their due dates through December 31, 2017. The quoted market price of Kingbird's common stock was 546 per share on December 31, 2017 On April 1, 2017, Wingbind sold a patent to Pennsylvania Company in exchange for a $112.000 zero-interest-bearing note due on April 1, 2019. 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, 2017, was 14%. The present value of $1 for two periods at 14% is 0.760 (use this factor). The patent had a carrying value of $44,800 at January 1, 2017, and the amortization for the year ended December 31, 2017 would have been $8,960. The collection of the note receivable from Pennsylvania is reasonably assured 4. On July 1, 2017, Kingbird sold a parcel of land to Splinter Company for $211,600 under an installment sale contract. Splinter made a 563,480 cash down payment on July 1, 2017, and signed a 4 year 135 note for the $145,120 balance. The equal annual payments of indpal and interest on the note will be 543,799 payable on July 1, 2018 through July 1, 2021. The land could have been sold at an established cash price of 5211,600. The cost of the land to Kingbird was 5161,600. Circumstances are such that the collection of the installments on the note is reasonably assured Prepare the long term receivables section of iongbird's balance sheet at December 31, 2017 Round answers to decimalne Prepare the long-term receivables section of Kingbird's balance sheet at December 31, 2017. (Round answers to o decimal places, c.0.5.125.) KINGBIRD INC. Long-Term Receivables Section of Balance Sheet Prepare a schedule showing the current portion of the long term receivables and accrued interest receivable that would appear in Kingbird's balance sheet at December 31, 2017 (Round answers to decimal places, eo 129.) KINGBIRD INC Selected Balance Sheet Balances Prepare a schedule showing interest revenue from the long-term receivables that would appear on Kingbird's income statement for the year ended December 31, 2017. (Round answers to decimal places 1.5.125) KINGBIRD INC Interest Revenue from Long-Term Receivables Click if you would like to show Work for this question: Doe Show Work CALCULATOR FULL SCREEN PRINTER VERSION & BACK NE Problem 7-9 Kingbird Inc. had the following long-term receivable account balances at December 31, 2016 Nobe receivable from sale of division Nato receivable from officer $900,000 439,000 Transactions during 2017 and other information relating to Kingbird's long-term receivables were as follows: 1. The $900.000 not receivable is dated May 1, 2016. bears interest at 10%, and represents the balance of the consideration received from the sale of Kingbird's electronics division to New York Company, Principal payments of $300.000 plus appropriate interest are due on May 1, 2017 2018, and 2019. The first principal and interest payment was made on May 1, 2017 Collection of the note installments is reasonably assured 2. The 479,000 note receivable is dated December 31, 2016, bears interest at 9%, and is due on December 31, 2019. The note is due from Sean May, president of ingbird the and is collateralized by 10.975 shares of Kingbird's common stock. Interest is payable annually on December 31, and all interest payments were paid on their due dates through December 31, 2017. The quoted market price of Kingbird's common stock was $46 per share on December 31, 2017 3. On kort 1.2017. Kongbird sold a patent to Pennsylvania Company in exchange for a $112.000 zero interest-bearing note due on April 1, 2019. 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, 2017, was 14. The present value of 1 for to periods 10700 (use this factor). The patent had a carrying value of $44.800 at January 1, 2017, and the amortization for the year ended December 31, 2017 would have been 18.960. The collection of the not receivable from Pennsylvania is reasonably assured 4 On July 1, 2017. Ongbird sold a parcel of land to Splinter Company for $211.600 under an installment sale contract Splinter made a $63.480 cash down payment on July 1, 2017, and signed a war 23 note for the $145.120 balance. The equal annual payments of principal and interest on the note wil be $45,799 payable on July 1, 2018 through 2011. The tant could have been soldat an established cash price of $211.600. The cost of the land to Kingbird was $161,600. Circumstances are such that the Co of the installments on the note is reasonably assured Prepare the long-term receivables section of Kingbird's balance sheet at December 31, 2017. (Round answ KINGBIRD INC. Long-Term Receivables Section of Balance Sheet CALCULATOR FULL SCREEN PRINTER VERSION + BOX Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Kingbird's balance sheet at December 31, 2017. (Round answers to decimal places, 5129.) KINGBIRD INC Selected Balance Sheet Balances Prepare a schedule showing interest revenue from the long-term receivables that would appear on Kingbird's income statement for the year ended December 21, 2017 answers to decimal places, c.0.5.125.) KINGBIRD INC. Interest Revenue from Long-Term Receivables Problem 7 9 Kingbird Inc, had the following long-term receivable account balances at December 31, 2016 Note receivable from sale of division $900,000 Note receivable from officer 479.000 Transactions during 2017 and other information relating to Kingbird's long-term receivables were as follows 1. The $900,000 note receivable is dated May 1, 2016, bears interest at 10% and represents the balance of the consideration received from the sale of Kingbird's electronics division to New York Company Principal payments of $300.000 plus appropriate interest are due on May 1, 2017, 2018, and 2019. The first principal and interest payment was made on May 1, 2017 Collection of the note installments is reasonably assured. 2 The $429,000 note receivable is dated December 31, 2016, bears interest at 9% and is due on December 31, 2019. The note is due from Sean May, president of Kingbird foc, and is collateralized by 10.975 shares of Kingbird's common stock Interest is payable annually on December 31, and all interest payments were paid on their due dates through December 31, 2017. The quoted market price of Kingbird's common stock was 546 per share on December 31, 2017 3. On April 1, 2017, Ingbird sold a patint to Pennsylvania Company in exchange for a $112.000 zero-interest-bearing note due on April 1. 2019. 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 boat April 1, 2017, was 14%. The present value of $1 for two periods at 149 1 0.769 (use this factor). The patent had carrying value of $44100 at January 1, 2017, and the amortication for the year ended December 31, 2017 would have been $8.960. The collection of the note receivable from Pennsylvania s reasonably assured On July 1, 2017. Kingbird sold a parcel of land to Splinter Company for $211.600 under an installment sale contract Splinter made a $65,400 cash down payment on July 1 2017, and signed a 4-year 13 note for the $143.120 balance. The equat annual payments of principal and interest on the note will be $90,799 payable only 1, 2011 through July 1, 2021. The land could have been sold at an established cash price of $211.600. The cost of the land to Kingbird was 5161,600. Circumstances are such that the collection of the installments on the note is reasonably assured Prepare the long-term receivables section of Kingbird's balance sheet at December 31, 2017. (Round answ KINGBIRD INC. Long-Term Receivables Section of Balance Sheet $ Prepare a schedule showing the current portion of the long term receivables and accrued interest receivable that would appear in Kingbird's balance sheet December 31, 2017 (Round answers to decimal places 0.5 129.) KINGBIRD INC Selected Balance Sheet Balances 5 Prepare a schedule showing interest revenue from the long-term rectivables that would appear on Kingbird's income statement for the year ended December 31, 2017. (Rour answers to decimal places, e.g. 5125.) KINGBIRD INC. Interest Revenue from Long-Term Receivables