The following information will be used to answer all questions on this quiz...

On January 2, 2020, Desert Company performed consulting services for Beach Corporation and agreed to allow Beach to pay over time. Desert is considering several different options as detailed in the scenarios below. For each option, you will determine (1) the Service Revenue Desert can record at January 2, 2020 (2) the Interest Revenue Desert will record at December 31, 2020, and (3) the Carrying Value of the Note on the December 31, 2020, Balance Sheet (after interest has been accrued).

*Due to Canvas' sensitivities in grading, please do not round any answer until your final answer. Round your final answer to the nearest whole dollar. Do not use commas or $ in your answer.*

Scenario 1:

Desert will require Beach to make an initial cash down payment of $30,000 on January 2, 2020 (note: this is NOT a PVAD, just a cash down payment so that Beach will not finance 100% of the services). The remainder will be financed with a $250,000, 6% note, due December 31, 2020. Interest is to be remitted each June 30th and December 31st, with principal due at maturity.

What is the Service Revenue Desert, Co. will record atJanuary 2, 2020?

What is the Interest Revenue Desert, Co. will record onDecember 31, 2020?

What is the Carrying Value of the note on Desert, Co.'sDecember 31, 2020, Balance Sheet?