Question 1 0.71 pts Long-Term Notes Receivable and TVM. Use the following present value tables to help answer 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 5 9 10 Periods 3 4% .89 6% .84 5 .82 .70 .68 .74 59 .56 8% .79 .68 .50 .46 9% .77 .65 46 42 Present Value of an Ordinary Annuity 4% 2.77 4.45 7.43 8.11 6% 2.67 4.21 6.80 7.36 6.71 8% 2.57 3.99 6.25 9% 2.53 3.89 5.99 6.41 Part I. On April 1, 2020, ABC Company rendered services to Jones Company in exchange for a three year, $400,000, 8% note. Payments of P&l (Principal & Interest) are due each April 1st, with the first payment due immediately. December 31st is the fiscal year end for ABC. Jones' normal cost to borrow is 8%. Required: Use the above information to answer the next (4) questions: 1. Determine the dollar amount of the cash payment of P&l to be remitted each $[Question_1] April 1st: 2. Determine the Service Revenue ABC can recognize on April 1, 2020. $ 3. Determine the Total Interest Revenue that ABC will recognize on this note for the year ended December 31, 2021. $ Current Assets: Interest Receivable $ 4. Prepare a partial Balance Sheet for this Note Receivable Note Receivable as of December 31, $ 2020: Long-Term Investments: Note Receivable $ Question 1 0.71 pts Long-Term Notes Receivable and TVM. Use the following present value tables to help answer 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 5 9 10 Periods 3 4% .89 6% .84 5 .82 .70 .68 .74 59 .56 8% .79 .68 .50 .46 9% .77 .65 46 42 Present Value of an Ordinary Annuity 4% 2.77 4.45 7.43 8.11 6% 2.67 4.21 6.80 7.36 6.71 8% 2.57 3.99 6.25 9% 2.53 3.89 5.99 6.41 Part I. On April 1, 2020, ABC Company rendered services to Jones Company in exchange for a three year, $400,000, 8% note. Payments of P&l (Principal & Interest) are due each April 1st, with the first payment due immediately. December 31st is the fiscal year end for ABC. Jones' normal cost to borrow is 8%. Required: Use the above information to answer the next (4) questions: 1. Determine the dollar amount of the cash payment of P&l to be remitted each $[Question_1] April 1st: 2. Determine the Service Revenue ABC can recognize on April 1, 2020. $ 3. Determine the Total Interest Revenue that ABC will recognize on this note for the year ended December 31, 2021. $ Current Assets: Interest Receivable $ 4. Prepare a partial Balance Sheet for this Note Receivable Note Receivable as of December 31, $ 2020: Long-Term Investments: Note Receivable $
