On January 1.2023, The Bramble Company received a 4-year promissory note that had a face value of $1.200,000, and a stated interest rate of 6%, Interest was recelvable on January 1 each year. The note was issued to yield an effective interest rate of 8%. The Bramble Company is publicly traded, uses the effective interest method of amortization for discounts or premiums, and has an April 30 year-end. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Use 1. PV.1 Tables, 2. a financial calculator, or 3, Excel functions to arrive at the amount to record the note receivable, (Round present value factor calculations to 5 decimal places, es. 1.2512. Round PV tables and Excel function answers to 0 decimal places, e.8. 8,971 and round Financial calculator answer to 2 decimal places, es. 89.71.J Question 3 ol 4 eTertionk and Mork. Prepare the journal entry to record the receipt of the note on January 1,2023. (Round answers to 0 decimal places, es 58,971. Credit account titles are outomatically indented when the amount is entered. Do not indent manually if no entry is reguired, select "No Entry" for the occount tities and enter ofor the amounts. (ist all debit entries before credit entries.) Prepare any required accrual entry at the compamy's year-end on April 30,2023 , Round answen to 0 decimal places, es, 58,971 Credit occount eites are automotically indented when the amount is entered. Do not indent manualiy if no entry is mouired, inlect "No Entry' for the occount fitles and enter O for the amounts that aff debit entries before condit entriesy Prepare the journal entry to record the first cash collection by The Bramble Compamy on January 1,2024, (Round answers to 0 decimal places, e g 58,971. Credit occount titles are automatically indented when the amount is entered, Do not indent manually. If no entry is required, select "No Entry' for the account titles and enter O for the amounts. List all debit entries before credit entries) On January 1.2023, The Bramble Company received a 4-year promissory note that had a face value of $1.200,000, and a stated interest rate of 6%, Interest was recelvable on January 1 each year. The note was issued to yield an effective interest rate of 8%. The Bramble Company is publicly traded, uses the effective interest method of amortization for discounts or premiums, and has an April 30 year-end. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Use 1. PV.1 Tables, 2. a financial calculator, or 3, Excel functions to arrive at the amount to record the note receivable, (Round present value factor calculations to 5 decimal places, es. 1.2512. Round PV tables and Excel function answers to 0 decimal places, e.8. 8,971 and round Financial calculator answer to 2 decimal places, es. 89.71.J Question 3 ol 4 eTertionk and Mork. Prepare the journal entry to record the receipt of the note on January 1,2023. (Round answers to 0 decimal places, es 58,971. Credit account titles are outomatically indented when the amount is entered. Do not indent manually if no entry is reguired, select "No Entry" for the occount tities and enter ofor the amounts. (ist all debit entries before credit entries.) Prepare any required accrual entry at the compamy's year-end on April 30,2023 , Round answen to 0 decimal places, es, 58,971 Credit occount eites are automotically indented when the amount is entered. Do not indent manualiy if no entry is mouired, inlect "No Entry' for the occount fitles and enter O for the amounts that aff debit entries before condit entriesy Prepare the journal entry to record the first cash collection by The Bramble Compamy on January 1,2024, (Round answers to 0 decimal places, e g 58,971. Credit occount titles are automatically indented when the amount is entered, Do not indent manually. If no entry is required, select "No Entry' for the account titles and enter O for the amounts. List all debit entries before credit entries)
