Grouper Inc. borrowed $67,100 on November 1, 2020, by signing a $68,039, three-month, zero-interest- bearing note. Calculate the effective interest charged on the note.
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- Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?On January 1, 2019, Northfield Corporation becomes delinquent on a 100,000, 14% note to First National Bank, on which 16,651 of interest has accrued. On January 2, 2019, the bank agrees to restructure the note. It forgives the accrued interest, extends the repayment date to December 31, 2021, and reduces the interest rate to 10%. Required: Prepare a schedule for Northfield to compute the annual interest expense in regard to the preceding note for each year of the restructuring agreement.On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)
- On January 1, 2019, Park Company accepted a 36,000, non-interest-bearing, 3-year note from a major customer in exchange for used equipment. The equipment had originally cost Park 200,000 and had a book value of 20,000 on the date of the sale. At the 12% imputed interest rate for this type of loan, the present value of the note is 25,500 on January 1, 2019. Park uses the effective interest rate. What is the carrying value of the note receivable on Parks December 31, 2019, balance sheet? a. 28,560 b. 29,000 c. 32,500 d. 36,000Grouper Inc. borrowed $67,100 on November 1, 2020, by signing a $68,039, three-month, zero-interest- bearing note. Calculate the effective interest charged on the note.On November 12, 2021, Jones Corporation borrows money at James National Bank by issuing a $10,000, 3 month, non-interest-bearing note. The note is discounted on a 12% basis. Calculate the effective annual interest rate.
- On April 1, 2023, DMH Inc, signed a $111,000, zero-interest-bearing, six-month promissory note. The note's present value is $105,714 based on the bank's discount rate of 10%. The company's year-end is September 30,2023 and the note is repayable on October 1, 2023. (a). Prepare the journal entry on the books of DMH inc. to record the issue of the note. (Credit occount tities are outomatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts.)On April 1, 2023, DMH Inc. signed a $111,000, zero-interest-bearing, six-month promissory note. The note's present value is $105,714 based on the bank's discount rate of 10%. The company's year-end is September 30, 2023 and the note is repayable on October 1, 2023. (a). Prepare the journal entry on the books of DMH Inc. to record the issue of the note. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation April 1 eTextbook and Media Debit CreditOn June 1, 2021, Dirty Harry Co. borrowed cash by issuing a 6-month noninterest-bearing note with a maturity value of $430,000 and a discount rate of 7%. Assuming straight-line amortization of the discount, what is the carrying value of the note as of September 30, 2021? (Round all calculations to the nearest whole dollar amount.)
- On November 12, 2021, Jones Corporation borrows money at James National Bank by issuing a $10,000, 3 month, non-interest-bearing note. The note is discounted on a 12% basis. Make the journal entry for Jones Corporation at the time of maturity to recognize interest expense.on October 1, 2020, Lowe Co. issued a note payable to National Bank in the amount of $1,500,000, bearing interest at 9%, and payable in three equal annual principal payments of $500,000. On this date, the bank’s prime rate was 8%. The first payment for interest and principal was made on October 1, 2021. At December 31, 2021, Lowe should record total interest expense? interest expense!!FINANCIAL ACCOUNTING (a) Compute the amount of interest during 2020, 2021, and 2022 for the following notes receivable; on april 30, 2020, BCDE lent $170,000 to Abbot on a two-years 7% note. (b) Which party has a (an) a. notes receivable b. notes payable c. interest revenue d. interest expense (c) How much total would BCDE collect if Abbot paid off early, say on November 30, 2020?
