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how to find these answers PLZ HELP On September 1, 20X1, a company received a 3-year note from a customer in exchange for inventory. The
how to find these answers PLZ HELP
On September 1, 20X1, a company received a 3-year note from a customer in exchange for inventory. The note pays interest to the company at 3% at the end of each year and has a maturity amount of $30,000. The market interest rate was 5% on September 1, 20X1. The company has a December 31 year-end and uses the effective interest rate method. In the blank boxes below, please provide the required amounts indicated in the following order (when entering amounts please do not use commas, negative signs or dollar signs or cents). Blank 1: The value of the note when it was received from the customer on September 1, 20X1 (round to the nearest dollar) Blank 2: The amount of interest receivable pertaining to the note that will be reported on the December 31, 20X1 statement of financial position (round to the nearest dollar) Blank 3: The amount of interest income reported by the company in its statement of income for the year ended December 31, 20X1 (round to the nearest dollar) Blank 4: The balance in the note receivable account on December 31, 20X1 (round to the nearest dollar) Answer for blank # 1: 32700 X (28366) Answer for blank # 2: 300 (25 %) Answer for blank # 3: 300 X (473) Answer for blank # 4: 3633 X (28539)Step by Step Solution
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