Tamarisk Inc. had the following long-term receivable account balances at December 31, 2016. Note receivable from sale of division $5,000,000 Note receivable from officer 661,000 Transactions during 2017 and other information relating to Tamarisk's long-term receivables were as follows. 1. The $6,000,000 note receivable is dated July 1, 2015, bears interest at 8%, and represents the balance of the consideration received from the sale of Tamarisk Green division to California Company. Principal payments of $1,000,000 plus appropriate interest are due on July 1, 2016 through 2021. Principal and interest payment was made on July 1, 2016 and 2017. Collection of the note installments is reasonably assured. 2. The $661,000 note receivable is dated October 1, 2016, bears interest at 6%, and is due on October 1, 2020. The note is due from the president of Tamarisk Inc. and is collateralized by 20,000 shares of Tamarisk common stock. Interest is payable annually on October 1, and all interest payments were paid on their due dates through December 31, 2017. The quoted market price of Tamarisk common stock was $45 per share on December 31, 2017. 3. On April 1, 2017, Tamarisk sold a patent to Porto Company in exchange for a $271,000 zero-interest-bearing note due on April 1, 2020. There was no established exchange price for the patent, and the note had no ready market. The prevailing rate of interest for a note of this type at April 1, 2017, was 13%. The patent had a carrying value of $10,840 at January 1, 2017, and the amortization for the year ended December 31, 2017, would have been $1,084. The collection of the note receivable from Porto is reasonably assured. 4. On March 1, 2017, Tamarisk sold a parcel of excess land to SizeCo for $156,500 under an installment sale contract. SizeCo made a $31,300 cash down payment on March 1, 2017, and signed a 4-year 10% note for the $125,200 balance. The equal annual payments of principal and interest on the note will be $39,497 payable on March 1, 2018, through March 1, 2021. The land could have been sold at an established cash price of $166,500. The cost of the land to Tamarisk was $71,500. Prepare the long-term receivables section of Tamarisk's balance sheet at December 31, 2017. (Round present value factor calculations to 3 decimal places, e.g. 15.216 and final answers to 0 decimal places, e.g. 5,125.) TAMARISK INC. Long-Term Receivables Section of Balance Sheet $ $ Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Tamarisk's balance sheet at December 31, 2017. (Round answers to 0 decimal places, e.g. 5,129.) TAMARISK INC. Selected Balance Sheet Balances $ $ $ Prepare a schedule showing interest revenue from the long-term receivables that would appear on Tamarisk's income statement for the year ended December 31, 2017. (Round answers to 0 decimal places, e.g. 5,125.) TAMARISK INC. Interest Revenue from Long-Term Receivables $ $
