Problem 7-12 (Algo) Accounts and notes receivable; discounting a note receivable; receivables turnover ratio [LO7-5, 7-6, 7-7, 7-8, 7-9]

Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet:

Current assets:

Accounts receivable, net of $32,000 in allowance for uncollectible accounts $ 258,000

Interest receivable 11,900

Notes receivable 340,000

Additional Information:

1. The notes receivable account consists of two notes, a $85,000 note and a $255,000 note. The $85,000 note is dated October 31, 2021, with principal and interest payable on October 31, 2022. The $255,000 note is dated June 30, 2021, with principal and 8% interest payable on June 30, 2022.
2. During 2022, sales revenue totaled $1,420,000, $1,320,000 cash was collected from customers, and $30,000 in accounts receivable 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 receivable.
3. On March 31, 2022, the $255,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 10%. Chamberlain accounts for the discounting as a sale.

Required: 1. In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain's 2022 income statement? 2. & 3. What amounts will appear in the 2022 year-end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2022.