Grouper Inc. is a reliable, long$-$term customer of Monty Ltd$.$ Due to unexpected costs of rapid expansion, Grouper was unable to pay

its account balance when it became due on January $1,2023.$ Monty agreed to accept a $$225,000$ non$-$interest bearing note that would

be payable on December $31,2026.$ This type of financing would typically have an interest rate of $12\%.$

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF $1.$

$($a$)$

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Use $1.$ PV$.1$ Tables, $2.$ a financial calculator, or $3.$ Excel functions to arrive at the amount to record the note receivable. $($Round

present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and round final answer to $0$ decimal places, e$.$g$.$

$8,971.)$

Note receivable $

eTextbook and Media

List of Accounts

Attempts: $1$ of $1$ used

$($b$)$

Prepare the journal entry to record this transaction for Monty Ltd$.$ on Jan $1,2023.($Round present value factor calculations

to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answers to $0$ decimal places, e$.$g$.58,971.$ Credit account titles are

automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No

Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit