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C 7-10 Comprehensive Rex + 41.25725 X Problem 7.10 Braddock in X Shamrock ine. Had The Fox us.com/courses/25820/assignments/3214238 Dashboard MyChart Test Re. https://www.seat. My Health Record. Wiley PLUS What is online me Question View Policies Show Attempt History Current Attempt in Progress and Ayayal Inc. had the following long-term receivable account balances at December 31, 2019 Con- Note receivable from sale of division $2,100,000 Note receivable from officer 477,800 Transactions during 2020 and other information relating to Ayayal's long-term receivables were as follows. ort 1. The $2,100,000 note receivable is dated May 1, 2019, bears interest at 10%, and represents the balance of the consideration received from the sale of Ayayai's electronics division to New York Company, Principal payments of $700,000 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 installments is reasonably assured. 2. The $477.800 note receivable is dated December 31, 2019, bears interest at 9% and is due on December 31, 2022. The note is due from Sean May. president of Ayayai Inc. and is collateralized by 11,945 shares of Ayayai's common stock. Interest is payable annually on December 31, and all interest payments were paid on their due dates through December 31, 2020. The quoted market price of Ayayai's common stock was $47 per share on December 31, 2020 3. On April 1, 2020, Ayayai sold a patent to Pennsylvania Company in exchange for a $104,000 zero-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 13%. The present value of $1 for two periods at 13% is 0.783 (use this factor). The patent had a carrying value of $41,600 at January 1 2020, and the amortization for the year ended December 31, 2020, would have been $8,320. The collection of the note receivable from Pennsylvania is reasonably assured. On July 1, 2020, Ayayal sold a parcel of land to Splinter Company for $200,000 under an installment sale contract. Splinter made a $60,000 cash down payment on July 1, 2020, and signed a 4-year 12% note for the $140,000 balance. The equal annual payments of principal and interest on the note will be $45,125 payable on July 1, 2021, through July 1, 2024. The land could have been sold at an established cash price of $200,000. The cost of the land to Ayayai was $150,000. Circumstances are such that the collection of the installments on the note is reasonably assured. Ted Balance Sheet Bax C Problem 7-9 Sheridan Inc, X C Problem 7-10 Braddock Inc. X C Shamrock Inc. Had The FollX CP7-10 Comprehensive Rec rses/25820/assignments/3214238 ard MyChart - Test Re.. https://www.seatt. My Health Record... WileyPLUS What is online ma. Your answer is correct. Prepare the long-term receivables section of Ayayai's balance sheet at December 31, 2020. (Round answers to 0 decimal places, e.g. 5,125.) AYAYAI INC. Long-Term Receivables Section of Balance Sheet December 31, 2020 Note receivable from sale of division 700000 Note receivable from officer 477800 Note receivable from sale of patent 89372 Installment contract receivable 111675 Total long-term receivables 1378847 e Textbook and Media Your answer is partially correct. S I X IC Problem 7-10 Braddock ine X C Shamrock Inc. Had The Fox CP7-10 Comprehensive Recx ses/25820/assignments/3214238 rd MyChart - Test Re... https://www.seattl. My Health Record. WileyPLUS What is online Your answer is partially correct. Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Ayaya's balance sheet at December 31, 2020. (Round answers to O decimal places, eg. 5,129.) AYAYAI INC. Selected Balance Sheet Balances December 31, 2020 Current portion of long-term receivables Note receivable from sale of division 700000 Installment contract receivable 28325 Total current portion of long-term receivables 728325 Accrued interest receivable Note receivable from sale of division 93333 Installment contract receivable 8400 Total accrued interest receivable 101733 e Textbook and Media board Chart - Test Re p swww.seat My Health Record. W PLUS What is nie e Textbook and Media Your answer is partially correct. Prepare a schedule showing interest revenue from the long-term receivables that would appear on Ayayai's income statement for the year ended December 31, 2020. (Round answers to decimal places, eg. 5,125.) AYAYAI INC. Interest Revenue from Long-Term Receivables For the Year Ended December 31, 2020 Interest revenue Note receivable from sale of division 163333 Note receivable from sale of patent Note receivable from officer 43002 Installment contract receivable 8400 Total interest revenue eTextbook and Media e Textbook Submit Answer Attempts: 1 of 3 used Save for Later C 7-10 Comprehensive Rex + 41.25725 X Problem 7.10 Braddock in X Shamrock ine. Had The Fox us.com/courses/25820/assignments/3214238 Dashboard MyChart Test Re. https://www.seat. My Health Record. Wiley PLUS What is online me Question View Policies Show Attempt History Current Attempt in Progress and Ayayal Inc. had the following long-term receivable account balances at December 31, 2019 Con- Note receivable from sale of division $2,100,000 Note receivable from officer 477,800 Transactions during 2020 and other information relating to Ayayal's long-term receivables were as follows. ort 1. The $2,100,000 note receivable is dated May 1, 2019, bears interest at 10%, and represents the balance of the consideration received from the sale of Ayayai's electronics division to New York Company, Principal payments of $700,000 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 installments is reasonably assured. 2. The $477.800 note receivable is dated December 31, 2019, bears interest at 9% and is due on December 31, 2022. The note is due from Sean May. president of Ayayai Inc. and is collateralized by 11,945 shares of Ayayai's common stock. Interest is payable annually on December 31, and all interest payments were paid on their due dates through December 31, 2020. The quoted market price of Ayayai's common stock was $47 per share on December 31, 2020 3. On April 1, 2020, Ayayai sold a patent to Pennsylvania Company in exchange for a $104,000 zero-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 13%. The present value of $1 for two periods at 13% is 0.783 (use this factor). The patent had a carrying value of $41,600 at January 1 2020, and the amortization for the year ended December 31, 2020, would have been $8,320. The collection of the note receivable from Pennsylvania is reasonably assured. On July 1, 2020, Ayayal sold a parcel of land to Splinter Company for $200,000 under an installment sale contract. Splinter made a $60,000 cash down payment on July 1, 2020, and signed a 4-year 12% note for the $140,000 balance. The equal annual payments of principal and interest on the note will be $45,125 payable on July 1, 2021, through July 1, 2024. The land could have been sold at an established cash price of $200,000. The cost of the land to Ayayai was $150,000. Circumstances are such that the collection of the installments on the note is reasonably assured. Ted Balance Sheet Bax C Problem 7-9 Sheridan Inc, X C Problem 7-10 Braddock Inc. X C Shamrock Inc. Had The FollX CP7-10 Comprehensive Rec rses/25820/assignments/3214238 ard MyChart - Test Re.. https://www.seatt. My Health Record... WileyPLUS What is online ma. Your answer is correct. Prepare the long-term receivables section of Ayayai's balance sheet at December 31, 2020. (Round answers to 0 decimal places, e.g. 5,125.) AYAYAI INC. Long-Term Receivables Section of Balance Sheet December 31, 2020 Note receivable from sale of division 700000 Note receivable from officer 477800 Note receivable from sale of patent 89372 Installment contract receivable 111675 Total long-term receivables 1378847 e Textbook and Media Your answer is partially correct. S I X IC Problem 7-10 Braddock ine X C Shamrock Inc. Had The Fox CP7-10 Comprehensive Recx ses/25820/assignments/3214238 rd MyChart - Test Re... https://www.seattl. My Health Record. WileyPLUS What is online Your answer is partially correct. Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Ayaya's balance sheet at December 31, 2020. (Round answers to O decimal places, eg. 5,129.) AYAYAI INC. Selected Balance Sheet Balances December 31, 2020 Current portion of long-term receivables Note receivable from sale of division 700000 Installment contract receivable 28325 Total current portion of long-term receivables 728325 Accrued interest receivable Note receivable from sale of division 93333 Installment contract receivable 8400 Total accrued interest receivable 101733 e Textbook and Media board Chart - Test Re p swww.seat My Health Record. W PLUS What is nie e Textbook and Media Your answer is partially correct. Prepare a schedule showing interest revenue from the long-term receivables that would appear on Ayayai's income statement for the year ended December 31, 2020. (Round answers to decimal places, eg. 5,125.) AYAYAI INC. Interest Revenue from Long-Term Receivables For the Year Ended December 31, 2020 Interest revenue Note receivable from sale of division 163333 Note receivable from sale of patent Note receivable from officer 43002 Installment contract receivable 8400 Total interest revenue eTextbook and Media e Textbook Submit Answer Attempts: 1 of 3 used Save for Later