Question
P7-9 in Intermediate Accounting 16th ed. Note receivable from sale of division $1,500,000; from December 31, 2016 balance sheet The $1,500,000 note receivable is dated
P7-9 in Intermediate Accounting 16th ed.
Note receivable from sale of division $1,500,000; from December 31, 2016 balance sheet
The $1,500,000 note receivable is dated May 1, 2016 and bears interest at 9%. Principal payments of $500,000 plus appropriate interest are due on May 1, 2017, 2018, and 2019. The first principal and interest payment wsa made on May 1, 2017. Collection of the note installments is reasonably assured.
How do I prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Braddock's balance sheet at December 31, 2017?
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