Receivables and Revenue Account for notes receivable On May 31, 2018, Wyoming State Bank loaned money to Lindsey Weston on a note with the following features: $ Loan value Maturity (years) Interest rate 240,000 2 8% Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. a. Requirements 1 Compute the amount of interest during 2018, 2019, and 2020 for the note receivable. Enter all amounts as positive values. b. Do not round intermediate calculations. 2 Determine which party has a note receivable, a note payable, an interest revenue, an interest expense. 3 How much in total would Wyoming State Bank collect if Lindsey Weston paid off the note early on November 30, 2018? a. Enter the amount as a positive value. a. Saving & Submitting Solution 1 Save file to desktop Create folder on desktop, and label COMPLETED EXCEL PROJECTS b. Save your solution in the folder you just created; add solution date to end of file name 2 Upload and submit your file to be graded Navigate back to the activity window - screen where you downloaded the initial spreadsheet Click Choose button under step 3; locate the file you just saved and click Open c Click Upload button under step 3 Click Submit button under step 4 a. b. d. 1. Compute the amount of interest during 2018, 2019, and 2020 for the note receivable. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) Interest amount Year 2018 2019 2020 2. Determine which party has a note receivable, a note payable, an interest revenue, an interest expense. Note receivable Note payable Interest revenue Interest expense 3. How much in total would Wyoming State Bank collect if Lindsey Weston paid off the note early on November 30, 2018? (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) Total payoff on November 30, 2018 Lindsey Weston Wyoming State Bank m