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QUESTION 3 On 1 January 2022, Rodney Inc. provided services to Smith Co. in exchange for Smith's $300,000, 2-year 8% note with interest compounded
QUESTION 3 On 1 January 2022, Rodney Inc. provided services to Smith Co. in exchange for Smith's $300,000, 2-year 8% note with interest compounded semi-annually on July 1 and January 1. The current market rate of similar notes is 12%. Rodney Inc. financial year ends December 31. REQUIRED: 1. Provide the following input values from your financial calculator: N = 4 PMT = $ 12000 I/Y = 12 96 FV S 300000 2. The note was issued at discount 3. The present value of the note is $ 279209 4. Complete the following amortization schedule: Cash Interest Amortized Carrying Dates Received Income Amount Amount Jan 1, 2022 0 0 0 $ Jul 1, 2022 $ $ $ $ Jan 1, 2023 $ $ Jul 1, 2023 $ $ Jan 1, 2024 $
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