Jenkins loans to Trouble Inc an amount and receives a 5 year, $100,000, 8% note in return. Market rate at the time of the loan was 10%. Required: What value does Jenkins record for the Note Receivable (how much cash did they give Trouble) and how are the yearly interest payments recorded? How is the last payment recorded? Case 8 Jenkins sells some equipment to Joy Inc. and receives a 3 year note receivable for $50,000. The equipment originally cost Jenkins $75,000 and has a carrying amount of $35,000. The market rate of interest is 5%. Required: What value does Jenkins record for the Note Receivable (how much cash did they give Trouble) and how are the yearly interest payments recorded? How is the last payment recorded? Case 9 Jenkins is having some cash difficulties and has contracted a collections agency and agrees to sell their accounts receivable to them. Jenkins factors $200,000 of their A/R. The collections agency takes a 5% finance charge to sell the A/R and holds back 10% of the A/R value as security. Jenkins has no involvement with the collection of A/R after the title transfer. Required: What is the journal entry that Jenkins will record when they factor their A/R?