Sarasota Corporation, a publicly-traded company, agreed to loan money to another company. On July 1,2023 , the company received a five-year promissory note with a face value of $517,000, paying interest at a face rate of 5% on July 1 each year. The note was issued to yield an effective interest rate of 6%. Sarasota used the effective interest method of amortization for discounts or premiums, and the company's year-end is September 30. 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. Use 1. PV Tables, 2. a financial calculator, and 3. Excel functions to arrive at the amount to record the note receivable. (Round present value factor calculations to 5 decimal places, e.g. 1.2512. Round PV tables and Excel function answers to 0 decimal places, e.g. 8,971 and round Financial calculator answer to 2 decimal places, e.g. 89.71.) Prepare any necessary accrual entries at the company's year-end on September 30, 2023. (Round answers to 0 decimal places, e.g. 58,971. 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 0 for the amounts. List all debit entries before credit entries.) Prepare the journal entry to record the first cash collection on July 1, 2024 for Sarasota Corporation. (Round answers to 0 decimal places, e.g. 58,971. 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 0 for the amounts. List all debit entries before credit entries.) Sarasota Corporation, a publicly-traded company, agreed to loan money to another company. On July 1,2023 , the company received a five-year promissory note with a face value of $517,000, paying interest at a face rate of 5% on July 1 each year. The note was issued to yield an effective interest rate of 6%. Sarasota used the effective interest method of amortization for discounts or premiums, and the company's year-end is September 30. 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. Use 1. PV Tables, 2. a financial calculator, and 3. Excel functions to arrive at the amount to record the note receivable. (Round present value factor calculations to 5 decimal places, e.g. 1.2512. Round PV tables and Excel function answers to 0 decimal places, e.g. 8,971 and round Financial calculator answer to 2 decimal places, e.g. 89.71.) Prepare any necessary accrual entries at the company's year-end on September 30, 2023. (Round answers to 0 decimal places, e.g. 58,971. 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 0 for the amounts. List all debit entries before credit entries.) Prepare the journal entry to record the first cash collection on July 1, 2024 for Sarasota Corporation. (Round answers to 0 decimal places, e.g. 58,971. 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 0 for the amounts. List all debit entries before credit entries.)
