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please help as quick as possible On December 31, 2020, Sandhill Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and
please help as quick as possible
On December 31, 2020, Sandhill Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Sandhill Co. agreed to accept a $296,600 zero-interest-bearing note due December 31, 2022, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 12%. Sandhill is much more creditworthy and has various lines of credit at 6%. Click here to view factor table.. Prepare the journal entry to record the transaction of December 31, 2020, for the Sandhill Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Dec. 31. 2020 Account Titles and Explanation Debit Credit Assuming Sandhill Co's fiscal year-end is December 31, prepare the journal entry for December 31, 2021. (Round answers to 0 decimal places, e.g. 5.275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Date Dec. 31. 2021 Debit Credit Assuming Sandhill Co's fiscal year-end is December 31, prepare the journal entry for December 31, 2022. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Dec. 31. 2022 Account Titles and Explanation (To record interest revenue). (To record collection of note) Debit Credit Step by Step Solution
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