Please see attachedProblem $7-12($Algo$)$ Accounts and notes receivable; discounting a note receivable; receivables turnover

ratio financial statement effects $[$LO$7-5,7-6,7-7,7-8,7-9]$

Chamberlain Enterprises Incorporated reported the following recelvables In Its December $31,2024,$ year$-$end balance sheet:

Current assets:

Accounts receivable, net of $$37,000$ in allowance for uncollectible

accounts

Interest receivable

$$283,000$

Notes receivable

$11,050$

$390,000$

Additional Information:

The notes recelvable account consists of two notes, a $$65,000$ note and a $$325,000$ note. The $$65,000$ note is dated October

$31,2024,$ with principal and Interest payable on October $31,2025.$ The $$325,000$ note is dated June $30,2024,$ with princlpal and

$6\%$ Interest payable on June $30,2025.$

During $2025,$ sales revenue totaled $$1,470,000,$$$1,345,000$ cash was collected from customers, and $$35,000$ in accounts

recelvable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year$-$end by adjusting the

allowance account to an amount equal to $10\%$ of year$-$end accounts recelvable.

On March $31,2025,$ the $$325,000$ note recelvable was discounted at the Bank of Commerce. The bank's discount rate is $8\%.$

Chamberlain accounts for the discounting as a sale.

Required:

In addition to sales revenue, what revenue and expense amounts related to recelvables will appear In Chamberlain's $2025$ Income

statement?

& $3.$ What amounts will appear In the $2025$ year$-$end balance sheet for accounts recelvable? Calculate the recelvables turnover ratio

for $2025.$

Complete this question by entering your answers in the tabs below.

Req $1$

Req $2$ and $3$

In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's $2025$

income statement?