On January 1, 2021 Wassel performed financial consulting services to Manays Co. Many ww shon of...

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On January 1, 2021 Wassel performed financial consulting services to Manays Co. Many ww shon of cash, and Wassel Co. agreed to accept a $300,000 zero-interest-bearing te December 31, 2022, as payment in full. Maraya is some-what of a credit risk and typically bomow nds at a rate of 10% Wassel is much more creditworthy and has various lines of credit The following interest factors are provided: Table Factors For Two Periods Future Value of 1 Present Value of 1 Future Value of Ordinary Annuity of 1 Present Value of Ordinary Annuity of 1 Required Interest Rate 556 1006 1.10250 121000 0.90703 0.82645 2.05000 2.10000 1.85941 1.73554 ) Prepare the necessary journal entry on Wassel's books to record the issuance of the note on anuary 1, 2021. (3 points) Account Debit Credit ume that on January 1, 2021, Wassel Co. decided to use the fair value option for this not vable. At December 31, 2021, the notes receivable that have a fair value of $285,000 and wing amount of $272,729. pare the necessary adjusting entry on Wassel's books to record the increase in value of not able on December 31, 2021. (3 points) Account Debit Credit On January 1, 2021 Wassel performed financial consulting services to Manays Co. Many ww shon of cash, and Wassel Co. agreed to accept a $300,000 zero-interest-bearing te December 31, 2022, as payment in full. Maraya is some-what of a credit risk and typically bomow nds at a rate of 10% Wassel is much more creditworthy and has various lines of credit The following interest factors are provided: Table Factors For Two Periods Future Value of 1 Present Value of 1 Future Value of Ordinary Annuity of 1 Present Value of Ordinary Annuity of 1 Required Interest Rate 556 1006 1.10250 121000 0.90703 0.82645 2.05000 2.10000 1.85941 1.73554 ) Prepare the necessary journal entry on Wassel's books to record the issuance of the note on anuary 1, 2021. (3 points) Account Debit Credit ume that on January 1, 2021, Wassel Co. decided to use the fair value option for this not vable. At December 31, 2021, the notes receivable that have a fair value of $285,000 and wing amount of $272,729. pare the necessary adjusting entry on Wassel's books to record the increase in value of not able on December 31, 2021. (3 points) Account Debit Credit