KINTER VERSION 4 BACK NEXT ES Attempts: 2 of 3 used (b) Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Swifty's balance sheet at December 31, 2020. (Round answers to o decimal places, e.g. 5,129.) SWIFTY INC. Selected Balance Sheet Balances $ $ $ 1 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER (c) The parts of this question must be completed in order. This part will be available when you complete the part above. Problem 7-09 (Part Level Submission) Swifty Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from sale of division $1,500,000 Note receivable from officer 495,400 Transactions during 2020 and other information relating to Swifty's long-term receivables were as follows. 1. The $1,500,000 note receivable is dated May 1, 2019, bears interest at 8%, and represents the balance of the consideration received from the sale of Swifty's electronics division to New York Company. Principal payments of $500,000 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 $495,400 note receivable is dated December 31, 2019, bears interest at 7%, and is due on December 31, 2022. The note is due from Sean May, president of Swifty Inc. and is collateralized by 12,385 shares of Swifty'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 Swifty's common stock was $46 per share on December 31, 2020. 3. On April 1, 2020, Swifty sold a patent to Pennsylvania Company in exchange for a $106,000 zero-interest-bearing note due on April 1, 2022. There was no established exchange price for the patent, and the nope had no ready market. The prevailing rate of interest for a note of this type at Aptil 1, 2020, was 10%. The present value of $1 for two periods at 10% is 0.826 (use this factor). The patent had a carrying value of $42,400 at January 1, 2020, and the amortization for the year ended December 31, 2020, would have been $8,480. The collection of the note receivable from Pennsylvania is reasonably assured. 4. On July 1, 2020, Swifty 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 9% 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 Swifty was $150,000. Circumstances are such that the collection of the installments on the note is reasonably assured. (a) Your answer is correct. Your answer is correct. Prepare the long-term receivables section of Swifty's balance sheet at December 31, 2020. (Round answers to 0 decimal places, e.g. 5,125.) SWIFTY INC. Long-Term Receivables Section of Balance Sheet December 31, 2020 IS Note receivable from sale of division 500,000 > Note receivable from officer 495,400 > Note receivable from sale of patent 94,122 > Installment contract receivable 107,475 Total long-term receivables 1,196,997 Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 2 of 3 used (b) Prepare a schedule showing the current portion of the long-term receivables and