Question 6

On December 31, 2020, Wildhorse Co. rendered services to Novak Corp. at an agreed price of $119,397.33. In payment, Wildhorse accepted $46,800 cash and agreed to receive the balance in four equal instalments of $23,400 that are due each December 31. An interest rate of 11% is applicable. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. The tables in this problem are to be used as a reference for this problem.

Calculate the value of the note receivable at December 31, 2020. (Round answer to 2 decimal places, e.g. 5,275.25. For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

Note receivable at December 31, 2020: