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Last Question. Please and ill upvote! Thank you! Zero Interest Note Receivable On December 31, 2017 Green Consulting Company finished consultation services and accepted in
Last Question. Please and ill upvote! Thank you!
Zero Interest Note Receivable On December 31, 2017 Green Consulting Company finished consultation services and accepted in exchange a 3 year zero-interest bearing promissory note with a face value of $5,000, a due date of December 31, 2020. The note has a market rate of Interest of 10% (9) Determine the present value of the note on December 31, 2017 used to record the fair value of the consulting services. Show your calculations to receive credit (Round all calculations to whole dollars). Ciecle or Highlight your Answer (b) Determine the carrying value of the note on December 31, 2019. You may want to use a Taccount Show your calculations to receive credit. (Round all calculations to whole dollars), Circle or Highlight your Answer. Prepare the journal entries for the first two years for the note receivable. Record the journal entry on 12/3117 to record the note issue in exchange for services. Record the adjusting Journal entry on 12/31/18 and 12/31/19 to record the interest using the effective interest method Step by Step Solution
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