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Question 9 0.71 / 0.71 pt USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (3) QUESTIONS: On January 1, 2020, ABC rendered services in exchange
Question 9 0.71 / 0.71 pt USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (3) QUESTIONS: On January 1, 2020, ABC rendered services in exchange for a $100,000, 3 year, 4% note receivable. Interest is to be paid each December 31st and principal will be remitted at maturity. The customer's normal borrowing rate is 8%. Required: $ 1. Determine the amount of Service Revenue ABC can recognize on Jan 1, 2020 2. Determine the carrying value of the note at December 31, 2021: 3. Determine the Total Interest Revenue ABC will recognize over the entire 3-year lending agreement $ Question #1: Determine the amount of Service Revenue ABC can recognize on Jan 1, 2020: $ 89280 0/0.71 pts Question 10 Using the information presented in #9 above, determine the carrying value of the note at December 31, 2021. 92422
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