Splish Inc had the following long-term receivable account balances at December 31, 2019. Note receivable from sale of division $2,400,000 Note receivable from officer 404,800 Transactions during 2020 and other information relating to Splish's long-term receivables were as follows. 1. 2. 3. The $2,400,000 note receivable is dated May 1, 2019, bears interest at 8%, and represents the balance of the consideration received from the sale of Splish's electronics division to New York Company, Principal payments of $800,000 plus appropriate interest are due on May 1, 2020 2021, and 2022. The first principal and interest payment was made on May 1, 2020. Collection of the note installments is reasonably assured. The $404,800 note receivable is dated December 31, 2019, bears interest at 7%, and is due on December 31, 2022. The note is due from Sean May, president of Splish Inc. and is collateralized by 10,120 shares of Splish's common stock. Interest is payable annually on December 31, and all interest payments were paid on their due dates through December 31, 2020. The quoted market price of Splish's common stock was $45 per share on December 31, 2020. On April 1, 2020, Splish sold a patent to Pennsylvania Company in exchange for a $116,000 zero-Interest-bearing note due on April 1, 2022. There was no established exchange price for the patent, and the note had no ready market. The prevailing rate of interest for a note ofthis type at April 1, 2020 was 12%. The present value of $1 for two periods at 12% is 0.797 (use this factor). The patent had a carrying value of $46,400 at January 1, 2020, and the amortization for the year ended December 31, 2020, would have been $9280. The collection of the note receivable from Pennsylvania is reasonably assured On July 1, 2020, Splish sold a parcel of land to Splinter Company for $200,000 under an installment sale contract. Splinter made a $60,000 cash down payment on July 1, 2020, and signed a 4-year 11% note for the $140,000 balance. The equal annual payments of principal and interest on the note will be $45,125 payable on July 1, 2021, through July 1, 2024. The land could have been sold at an established cash price of $200,000. The cost of the land to Splish was $150,000, Circumstances are such that the collection of the installments on the note is reasonably assured 4. Your answer is partially correct. Prepare the long-term receivables section of Splish's balance sheet at December 31, 2020. (Round answers to decimal places, 51252 MacBook Pro Prepare the long-term receivables section of Splish's balance sheet at December 31, 2020. (Round answers to decimal place eg. 5,125.) SPLISH INC. Long-Term Receivables Section of Balance Sheet December 31, 2020 Note receivable from sale of division 800,000 Note receivable from officer 404,800 Note receivable from sale of patent Installment contract receivable Total long-term receivables e Textbook and Media Your answer is partially correct. Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Splish's balance sheet at December 31, 2020. (Round answers to decimal places, eg. 5,129.) SPLISH INC. Selected Balance Sheet Balances For the Year Ended December 31, 2020 Current portion of long-term receivables Note receivable from sale of division Installment contract receivable Total current portion of long-term receivables $ Accrued interest receivable Note receivable from sale of division $ Installment contract receivable Total accrued interest receivable $ e Textbook and Media Prepare a schedule showing interest revenue from the long-term receivables that would appear on Splish's income state for the year ended December 31, 2020. (Round answers to decimal places, e.g. 5,125.) SPLISH INC. Interest Revenue from Long-Term Receivables For the Year Ended December 31, 2020 Interest revenue Note receivable from sale of division $ Note receivable from officer Note receivable from sale of patent Installment contract receivable Total current portion of long-term receivables e Textbook and Media