On January 1, 2019, Sparky, Inc. rendered services to ABC Co. in exchange for a $378,000, 5 year note. The terms of the agreement require ABC to make semi-annual installment payments of P&I with the first installment due July 1^st. An annual interest rate of 8% is imputed. Each payment is to be received on July 1 and Jan 1. Sparkys year end is December 31^st.

Required:

1. What amount of Service Revenue can Sparky record on January 1, 2019?

$_________________________

Using the information presented in #9 above, what amount of interest revenue should be recognized on this note for the year ending Dec 31, 2020?

Using the information in #9 above, determine the Carrying Value of the note Receivable at December 31, 2020: $______________________