Return to Blackboard Kieso, Intermediate Accounting, 16e Help I Svstem Announcements CALCULATOR PRITER VERSION BACK NEXT Brief Exercise 7-10 Novak Incorporated factored $124,300 of accounts receivable with Splish Factors Inc. on a without-recourse basis. Splish assesses a 2% finance charge of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable for possible adjustments. Prepare the journal entry for Novak Incorporated and Splish Factors to record the factoring of the accounts receivable to Splish. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit evel Novak 1. Study Splish 2. MacBook Ai Returh to bldcRDOaru Kieso, Intermediate Accounting, 16e Help I System Announcements CALCULATOR PRINTER VERSION BACK NEXT Practice Brief Exercise 7-5 On November 1, 2017, Splish Brothers, Inc. accept a $308,000 note receivable from a customer Splish Brothers elected to use the fair value option for this financial asset. On December 31 2017, the fair value of the note receivable is $280,000. Prepare the December 31, 2017 journal entry for the fair value option. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit 12/31/17 LINK TO TEXT udy Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER uniid-asnmt2414170 N10OAS MacBook Air FI S Help System Announeesnen NEXT CALCULATOR PRINTER VERSION BACK Problem 163 (Part Level Submission) On December 31, 2016, Green Company finished consultation services and accepted in exchange a promissory note with a face value of $637,000, a due date of December 31, 2019, and a stated rate of 4%, with interest receivable at the end of each year. The fair value of the services is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 8%. The following interest factors are provided: Interest Rate 4% 8% 1.12486 1.25971 0.88900 0.79383 Table Factors For Three Periods Future Value of 1 Present Value of 1 Future Value of Ordinary Annuity of 1 3.12160 3.24640 Pjesent Value of Ordinary Annuity of 1 2.77509 2.57710 7-10 155 ts by. Study (a) Determine the present value of the note. (Round answer to O decimal places, e.g. 5,275.) Present value of the note TO TEXT Attempts: 0 of 3 used SAVE FOR LATER SURHET ANSIWER MacBook Air F3 F6 F1 2 4