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Show what Port City would report for these transactions on its 2013 and 2014 balance sheets and income statements. Port City's accounting year ends on
Show what Port City would report for these transactions on its 2013 and 2014 balance sheets and income statements. Port City's accounting year ends on December 31. First let's show how the information is presented on the balance sheet in 2013 and 2014. (Round all answers to the nearest whole dollar.) Port City Loan Co. Balance Sheet (Partial) December 31 A More Info Current assets: 2013 2014 Note receivable 50000 1500 Interest receivable 2013 Apr 1 Loaned $50,000 to Charlene Bloomington on a one-year, 4% note. Accrued interest revenue on the Bloomington note. Dec 31 2014 Apr 1 Collected the maturity value of the note from Bloomington (principal plus interest). Print [Done] Print Done
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