please fill all blank

1 NOTES RECEIVABLE. Use the following present value tables to answer all of the following questions. * Do not round any answer until your final answer. Round your final answer to the nearest whole dollar. When entering your final answer, do not use commas or $ sign. (Sorry...blackboard is very sensitive and will mark your answer incorrect due to rounding and punctuation.) PV of $1 Periods 3% 4% 5% 6% 8% 10% 3 .915 .889 .863 .839 .793 .751 6 .837 .790 .746 .704 .630 .564 3 2.828 2.775 2.723 2.673 2.577 2.486 6 5.417 5.242 5.075 4.917 4.622 4.355 PVOA USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (5) QUESTIONS: Sparky sold merchandise to Bruins Company on June 1, 2014 and accepted an interest-bearing note with an 8% APR. Bruins agreed to make annual payments of $15,000 per year for 6 years with the first payment being made immediately. The remaining payments are to be remitted each June 1st. December 31st is the fiscal year end for both companies. Bruins normal cost to borrow is 8%. Required: You are asked to answer each of the following blanks. 1. 2. Determine the Sales Revenue Sparky can recognize on Jun 1, 2014: Determine the Total Interest Revenue that Sparky will recognize for the year ended December 31, 2015 on their Income Statement: $ Blank 1 $ Blank 2 Current Assets: 3. Prepare the Balance Sheet as of December 31, 2015: Interest Receivable Note Receivable Long-Term Investments: $ $ Blank 3 Blank 4 * Round all answers to the nearest whole dollar. 1. On January 1, 2015, ABC rendered services to Z Corp. in exchange for a $105,000, 3 year note. The terms of the agreement require Z Corp. to make semi-annual installment payments of P&I with the first installment due immediately. An annual interest rate of 8% is imputed. Each payment is to be received on Jan 1 and July 1. ABC's year-end is Dec 31. 2. On January 1, 2015 ABC rendered services in exchange for a $20,000 cash down payment (this down payment is NOT a PVAD; it is simply made to reduce the amount being financed) and a 3 year $90,000, 6% note. Interest is to be remitted each June 30 and Dec 31. Principal will be remitted at maturity. This customer has a credit rating which requires that money be borrowed at 10%. Note Receivable $ Blank 5 is the What amount What amount of What of Service interest revenue Carrying Revenue was should be Value of the recorded on recognized on Note January 1, this note for the Receivable 2015? year ending at December December 31, 31, 2016? 2016? $ Blank_1 $ Blank 4 2. Continued... For Scenario #2 above, determine the Total Interest Revenue ABC will recognize over the entire three-year lending agreement. $ Blank 2 $ Blank 5 $ Blank 3 $ Blank 6 $ Blank 7 2 * Round all answers to the nearest whole dollar. What amount of Service Revenue was recorded on January 1, 2015? Determine the amount of (1) P&I Payment 3. On January 1, 2015, ABC rendered services to Z Corp. accepting $30,000 down and a 3 year, $150,000, 8% note with P&I payments to be made each June 30 and December 31st. The 8% APR is considered reasonable. $ Blank 8 $ Blank 9