Flounder Corp. had the following long-term receivable account balances at December 31, 2019. Notes receivable Notes receivable - Employees $1,650,000 400,000 Transactions during 2020 and other information relating to Flounder' long-term receivables were as follows: 1. The $1,650,000 note receivable is dated May 1, 2019, bears interest at 9%, and represents the balance of the consideration received from the sale of Flounder's electronics division to Pharoah Company. Principal payments of $550,000 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 instalments is reasonably assured. 2. The $400,000 note receivable is dated December 31, 2019, bears interest at 8%, and is due on December 31, 2022. The note is due from Marcia Cumby, president of Flounder Corp., and is secured by 10,000 Flounder common shares. Interest is payable annually on December 31, and the interest payment was made on December 31, 2020. The quoted market price of Flounder's common shares was $50 per share on December 31, 2020. 3. On April 1, 2020, Flounder sold a patent to Cullumber Company in exchange for a $200,000 non-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 12%. The present value of $1 for two periods at 12% is 0.79719 (use this factor). The patent had a carrying amount of $37,000 at January 1, 2020, and the amortization for the year ended December 31, 2020 would have been $8,000. The collection of the note receivable from Cullumber is reasonably assured. 4. On July 1, 2020, Flounder sold a parcel of land to Shamrock Inc. for $240,000 under an instalment sale contract. Shamrock made a $63,000 cash down payment on July 1, 2020, and signed a four-year, 11% note for the $177,000 balance. The equal annual payments of principal and interest on the note will be $57,052, payable on July 1, 2021, through July 1, 2024. The land could have been sold at an established cash price of $240,000. Flounder had paid $150,000 for the land when it purchased it. Collection of the instalments on the note is reasonably assured. 5. On August 1, 2020, Flounder agreed to allow its customer, Saini Inc., to substitute a six-month note for accounts receivable of $240,000 it owed. The note bears interest at 6% and principal and interest are due on the note's maturity date. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. The tables in this problem are to be used as a reference for this problem. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Your answer is partially correct. Try again. Determine the portion of the note and any interest that should be reported in current assets at December 31, 2020. (Round answers to 0 decimal places, e.g. 9,871. Do not leave any answer field blank. Enter o for amounts.) Current portion of 9% notes receivable Current portion of 8% notes receivable Non-interest-bearing note receivable Current portion of instalment contract Note receivable from customer Total current notes and interest X Your answer is incorrect. Try again. Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Flounder's statement of financial position at December 31, 2020. (Round answers to 0 decimal places, e.g. 8,971.) Flounder Corp. Selected Statement of Financial Positon Balances December 31, 2020 Note receivable from customer Current portion of long-term receivables: Note receivable from sale of division Instalment contract receivable Total current portion of long-term receivables Accrued interest receivable: Note receivable from sale of division TUOTT Instalment contract receivable Note receivable from customer Total accrued interest receivable x Your answer is incorrect. Try again. Determine the total interest income from the long-term receivables that would appear on Flounder's income statement for the year ended December 31, 2020. (Round answer to 0 decimal places, e.g. 8,971.) Total interest income for year ended 12/31/20 LINK TO TEXT Flounder Corp. had the following long-term receivable account balances at December 31, 2019. Notes receivable Notes receivable - Employees $1,650,000 400,000 Transactions during 2020 and other information relating to Flounder' long-term receivables were as follows: 1. The $1,650,000 note receivable is dated May 1, 2019, bears interest at 9%, and represents the balance of the consideration received from the sale of Flounder's electronics division to Pharoah Company. Principal payments of $550,000 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 instalments is reasonably assured. 2. The $400,000 note receivable is dated December 31, 2019, bears interest at 8%, and is due on December 31, 2022. The note is due from Marcia Cumby, president of Flounder Corp., and is secured by 10,000 Flounder common shares. Interest is payable annually on December 31, and the interest payment was made on December 31, 2020. The quoted market price of Flounder's common shares was $50 per share on December 31, 2020. 3. On April 1, 2020, Flounder sold a patent to Cullumber Company in exchange for a $200,000 non-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 12%. The present value of $1 for two periods at 12% is 0.79719 (use this factor). The patent had a carrying amount of $37,000 at January 1, 2020, and the amortization for the year ended December 31, 2020 would have been $8,000. The collection of the note receivable from Cullumber is reasonably assured. 4. On July 1, 2020, Flounder sold a parcel of land to Shamrock Inc. for $240,000 under an instalment sale contract. Shamrock made a $63,000 cash down payment on July 1, 2020, and signed a four-year, 11% note for the $177,000 balance. The equal annual payments of principal and interest on the note will be $57,052, payable on July 1, 2021, through July 1, 2024. The land could have been sold at an established cash price of $240,000. Flounder had paid $150,000 for the land when it purchased it. Collection of the instalments on the note is reasonably assured. 5. On August 1, 2020, Flounder agreed to allow its customer, Saini Inc., to substitute a six-month note for accounts receivable of $240,000 it owed. The note bears interest at 6% and principal and interest are due on the note's maturity date. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. The tables in this problem are to be used as a reference for this problem. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Your answer is partially correct. Try again. Determine the portion of the note and any interest that should be reported in current assets at December 31, 2020. (Round answers to 0 decimal places, e.g. 9,871. Do not leave any answer field blank. Enter o for amounts.) Current portion of 9% notes receivable Current portion of 8% notes receivable Non-interest-bearing note receivable Current portion of instalment contract Note receivable from customer Total current notes and interest X Your answer is incorrect. Try again. Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Flounder's statement of financial position at December 31, 2020. (Round answers to 0 decimal places, e.g. 8,971.) Flounder Corp. Selected Statement of Financial Positon Balances December 31, 2020 Note receivable from customer Current portion of long-term receivables: Note receivable from sale of division Instalment contract receivable Total current portion of long-term receivables Accrued interest receivable: Note receivable from sale of division TUOTT Instalment contract receivable Note receivable from customer Total accrued interest receivable x Your answer is incorrect. Try again. Determine the total interest income from the long-term receivables that would appear on Flounder's income statement for the year ended December 31, 2020. (Round answer to 0 decimal places, e.g. 8,971.) Total interest income for year ended 12/31/20 LINK TO TEXT