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Vauxall Holdings showed the following information regarding its notes receivable: Interest Days of Accrued Maturity Interest at Dec. 31, Note Rate Accrued Interest at Dec.
Vauxall Holdings showed the following information regarding its notes receivable: Interest Days of Accrued Maturity Interest at Dec. 31, Note Rate Accrued Interest at Dec. 31, 2020* Date 2020 2 3 4 Date of Note Principal Nov. 1/19 $ 310,000 Jan. 5/20 128,000 Nov. 20/20 118,000 Dec. 10/20 155,000 4.0% 5.0% 4.5% 5.5% Term 180 days 90 days 45 days 30 days *Round calculations to the nearest whole cent. Required: For each of Vauxall Holdings note receivable given below: (Do not round intermediate calculations. Round the "Amount of Accrued Interest at Dec. 31, 2020" answers to 2 decimal places.) a. Determine the maturity date. b. Calculate the days of accrued interest, if any, at December 31, 2020 (Vauxall Holdings' year-end). c. Calculate the amount of accrued interest, if any, at December 31, 2020. Note Date of Note Principal Interest Rate Term Maturity Date Amount of Accrued Interest at Dec. 31, 2020 1 Nov. 1/19 2 Jan. 5/20 3 Nov. 20/20 4 Dec. 10/20 $ 310,000 $ 128,000 $ 118,000 $ 155,000 4.0% 5.0% 4.5% 5.5% 180 days 90 days 45 days 30 days Days of Accrued Interest at Dec. 31, 2020 days days days days For Note 3: d. Prepare the entry to record the accrued interest at December 31, 2020. (Do not round intermediate calculations. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet Record the collection of Note 3 and interest. Note: Enter debits before credits. Transaction General Journal Debit Credit a
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