What is the am June 10, 2019. halance sheet? ot ots th RE Moda 2 note were $2.340,000 Required: a. Calculate the discount rate used by the lender b. Calculate the effective interest rate (APR) on the loan. . The Blanc AG Notes payable-discount basis On August 1. 2019, Colombo Co signed a note promising to pay $2.400LX on December 31, 2019. The c. Use the horizontal model (or write the journal entry) to show the effects I. Signing the note and the receipt of the cash proceeds on August 2015 Other accrued liabilities-payroll taxes At March 31. 2019, the end of the LO 4 year of operations at Lukancic Inc.. the firm's accountant neglected to accue a. Use the horizontal model (or write the journal entry) to show the effect of again neglected to accrue the payroll tax liability, which was $10,000 at that it Determine the income statement and balance sheet effects of not accruing pool Exercise 7.6 LO 2 taxes or $9.600 were applicable to payrolls for the year then Required: accrual that should have been made as of March 31, 2019, 2. Recording interest expense for the month of September 3. Repaying the note on December 31, 2019. he Exercise 7.7 DECI &CD0 b. Determine the income statement and balance sheet effects of not accruing payroll taxes at March 31, 2019. c. Assume that when the payroll taxes were paid in April 2019, the payroll tax R b taxes at March 31, 2020. Exercise 7.8 Other accrued liabilities-real estate taxes Glennelle's Boutique Inc. operates LOS in a city in which real estate tax bills for one year are issued in May of the subsequen year. Thus, tax bills for 2019 are issued in May 2020 and are payable in July 2020. Required: a. Explain how the amount of tax expense for calendar 2019 and the amount of taxes payable (if any) at December 31, 2019, can be determined. b. Use the horizontal model (or write the journal entry) to show the effect of accruing 2019 taxes of $44.800 at December 31, 2019. c. Assume that the actual tax bill received in May 2020, was for $47,600. Use the horizontal model (or write the journal entry) to show the effects of the appropriate adjustment to the amount previously accrued. e 24 298/068 CULNECTION Halloween