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Wrong answers for these questions all over chegg, would appreciate a correct one to help me understand Long-Term Notes Receivable and TVM. Use the following
Wrong answers for these questions all over chegg, would appreciate a correct one to help me understand
Long-Term Notes Receivable and TVM. Use the following present value tables to help answer the following questions *Do not round any answer until your final answer. Round your final answer to the nearest whole dollar. When entering your final answer, do not use commas or $ sign. (Sorry... Blackboard is very sensitive and will mark your answer incorrect due to rounding and punctuation.) PV of $1 5 9 10 Periods 3 4% .89 82 70 68 6% 84 59 74 68 79 8% 9% 50 56 46 42 .77 65 46 Present Value of an Ordinary Annuity 4% 4.45 6% 8% 9% 2.77 2.67 2.57 2.53 4.21 3.99 3.89 7.43 6.80 6.25 5.99 8.11 7.36 6.71 6.41 Part I. On April 1. 2020. ABC Company rendered services to Jones Company in exchange for a three year, S400.000 8% note. Payments of P&I (Principal & Interest) are due each April 1st with the first payment due immediately. December 31st is the fiscal year end for ABC. Jones' normal cost to borrow is 8% Required: Use the above information to answer the next (4) questions: 1. Determine the dollar amount of the cash payment of P&I to be remitted each April 1st S[Question_11 2. Determine the Service Revenue ABC can recognize on April 1, 2020 S 3. Determine the Total Interest Revenue that ABC will recognize on this note for the year ended December 31, 2021 Current Assets: Interest Receivable $ Note Receivable 4. Prepare a partial Balance Sheet for this Note Receivable as of December 31. 2020 Long-Term Investments: Note Receivable SStep by Step Solution
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