nt CALCULATOR FULL SCREEN PRINTER VERSION BACK Problem 7-9 (Part Level Submission) Flint Inc. had the following long-term receivable account balances at December 31, 2016. Note recelvable from sale of division Note receivable from officer $1,800,000 405,000 Transactions during 2017 and other information relating to Flint's long-term receivables were as follows. The $1,800,000 note receivable is dated May 1, 2016, bears interest at 9%, and represents the balance of the consideration received from the sale of Pints electronics division to New York Company, Principal payments of $600,000 plus appropriate interest are due on May 1, 2017, 2018, and 2019. The first princip and interest payment was made on May 1, 2017. Collection of the note installments is reasonably assured. 1. The $405,000 note receivable is dated December 31, 2016 bears interest at 8%, and is de on December 31, 2019. The note is due from Sean May, presiden of Flint Inc, and is collateralized by 10,125 shares of Flint's common stock. Interest is payable annually on December 31, and all interest payments were paid their due dates through December 31, 2017. The quoted market price of Flint's common stock was $45 per share on December 31, 2017 2 On April 1, 2017, Firt sold a patent to Pennsylvania Company n exchange for a $105,000 zero-interest-bearing note de on April 1, 2019 There was no established exchange price for the patent, and the note had no ready market. The prevailing rate of interest for a note or this type at April 1, 2017, was i3%, The present value of $1 for two periods at 13% is 0.783 (use this factor. The patent had a carrying value of $42,000 at January 1, 2017, and the amortizatio for the year ended December 31, 2017, would have been $8,400. The collection of the note receivable from Pennsylvania is reasonably assured. 1. On July 1, 2017, Flint sold a parcel of land to Splinter Company for $217,500 under an installment sale contract. Splinter made a $65,250 cash down payment on July 1, 2017, and signed a 4-year 12% note for the $152,250 balance. The equal annual payments of principal and interest on the note will be $43,750 payable on July 1, 2018, through July 1, 2021. The land could have been sold at an established cash price of $217,500. The cost of the land to Flint $167,500. Circumstances are such that the collection of the installments on the note is reasonably assured. r (a) Your answer is partially correct. Try again. repare the long-term receivables section of Flint's balance sheet at December 31, 2017. (Round answers to o decimal places, e.g. 5, 125