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- 5Problem 5-2. Notes payable and Debt restructuring Hope Company is experiencing financial difficulties due to the impact of the Pandemic on its business. In recent years, the company was forced to scale down its business operations and retrench a significant part of its work force. Also, it negotiated restructuring some of its borrowings with its creditors. The company was not able to pay the creditor as of 12/31/2022 and arranged restructuring with its creditors with the details as follows as of December 31, 2022: Date Principal & Terms Status Mode of settlement 1/1/2020 3-year, 1,000,000 mortgage note. 10% interest, payable annually. Due immediately; only interest has been paid to date. Transfer the land used as security to the creditor. Cost of land P900,000, fair value P1.5 million 1/1/2021 2-year, 500,000 note. Ordinary shares of entity held as collateral. 12% interest, payable annually. Due immediately; Principal and interest for 2022 unpaid as of…M11.
- Answer question 10, is it true or falseQuestion 3 of 8 > -/2 View Policies Current Attempt in Progress What is the journal entry to record an uncollectible accounts receivable? Bad Debt Expense XXX Allowance for Doubtful Accounts XXX Bad Debt Expenses XXX Accounts Receivable XXX Accounts Receivable XXX Allowance for Doubtful Accounts XXX Allowance for Doubtful Accounts XXX Accounts Receivable XXX Save for Later Attempts: 0 of 1 used Submit AnsAnswer question 8, is it true or false
- Problem 8. Due to financial difficulty and insolvency, NFL Inc. used different types of debtrestructuring regarding its debts on December 31,2011:a. On December 31, 2011, NFL restructured its Note Payable with face value of P2,000,000 andinterest payable of P400,000 through an asset swap. NFL transferred an equipment with acost of P2,000,000 and accumulated depreciation of P500,000 to the creditor as payment ofthe debt. The fair value of the equipment is P2,200,000.b. On December 31,2011, NFL restructured its Bonds Payable with carrying value of P5,000,000and interest payable of P500,000 through an equity swap. NFL issued ordinary share with atotal par value of P2,000,000 and fair value of P4,500,000 in full settlement of the bondspayable and accrued interest. The fair value of the bonds payable is P4,700,000.c. On December 31,2011, a creditor of NFL granted a credit concession to NFL. The followingdata are provided concerning the concession:Note Payable – due December 31,2012 – 14%…Answer question 9, is it true or false4G Vo) .l 1 14:45 u. LTÉ2 ? 7% O แบบฝึกหัดท้ายบท 3. ให้ทำ 1. บันทึกรายการค้าข้างต้นในสมุดรายวันของบริษัทมีนาและบริษัทเมษา(สมมติถือเป็นการกู้ยืม) 2. สมมติว่าบริษัทมีนาไม่นำเงินมาชำระเมื่อตั๋วครบกำหนด จึงทำให้ตั๋วเงินรับชาดความเชื่อถือ ธนาคารไทยจึงแจ้งให้ บริษัทเมษาทราบ โดยบริษัทเมษาต้องรับผิดชอบด้วยยอดเงินตามตั๋วเมื่อครบกำหนดบวกค่าธรรมเนียม 25 บาท ธนาคารจะหักจำนวนเงินดังกล่าวจากบัญชีเงินฝากของบริษัท ให้บันทึกในสมุตรายวันทั่วไปของบริษัทเมษาสำหรับ รายการตั๋วเงินรับขาดความเชื่อถือ da 7 (Aging Analysis of Accounts Receivable) Nana Company's a large department store located in a metropolitan area, has been experiencing difficulty in estimating its bad debts. The company has decided to prepare an aging schedule for its outstanding accounts receivable and estimate bad debts by the due dates of its receivables. This analysis discloses the following information: Balance Age of Receivable Estimated Percentage Uncollectible $193,000 Under 30 days 0.8% 114,000 30-60 days 2.0% 73,000 61-120 days…
- NoneProblem 7-15 (Algo) Troubled debt restructuring [Appendix 7B] Rothschild Chair Company, Incorporated, was indebted to First Lincoln Bank under a $35 million, 10% unsecured note. The note was signed January 1, 2014, and was due December 31, 2027. Annual interest was last paid on December 31, 2022. At January 1, 2024, Rothschild Chair Company was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement. Note: Use appropriate factor(s) from the tables provided. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: Prepare all journal entries by First Lincoln Bank to record the restructuring and any remaining transactions, for current and future years, relating to the debt under each of the independent circumstances below: 1. First Lincoln Bank agreed to settle the debt in exchange for land having a fair value of $31 million but carried on Rothschild Chair Company's books at $28 million. 2. First Lincoln Bank…I am stuck on 7-9.