May 30 Discounted the $36,000 note at a local bank. The bank’s discount rate is 8%. The note was discounted without recourse and the sale criteria are met. I need help calculating cash received may 30,2018 The journal entries are as follow Cash?? Loss on sale of note receivable ?? Notes Receivable 36000 Interest Receivable 420 Aug. 31 Sold stock in a nonpublic company with a book value of $6,200 and accepted a $7,200 noninterest-bearing note with a discount rate of 8%. The $7,200 payment is due on February 28, 2019. The stock has no ready market value. I'm having problems calculating gain on sale of investment and discount on note receivable
May 30 Discounted the $36,000 note at a local bank. The bank’s discount rate is 8%. The note was discounted without recourse and the sale criteria are met. I need help calculating cash received may 30,2018 The journal entries are as follow Cash?? Loss on sale of note receivable ?? Notes Receivable 36000 Interest Receivable 420 Aug. 31 Sold stock in a nonpublic company with a book value of $6,200 and accepted a $7,200 noninterest-bearing note with a discount rate of 8%. The $7,200 payment is due on February 28, 2019. The stock has no ready market value. I'm having problems calculating gain on sale of investment and discount on note receivable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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| May | 30 | Discounted the $36,000 note at a local bank. The bank’s discount rate is 8%. The note was discounted without recourse and the sale criteria are met. |
I need help calculating cash received may 30,2018
The
Cash??
Loss on sale of note receivable ??
Notes Receivable 36000
Interest Receivable 420
| Aug. | 31 | Sold stock in a nonpublic company with a book value of $6,200 and accepted a $7,200 noninterest-bearing note with a discount rate of 8%. The $7,200 payment is due on February 28, 2019. The stock has no ready market value. |
I'm having problems calculating gain on sale of investment and discount on note receivable
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