On December 31, 20X1, Roker, Inc., reported notes receivable of $63,930,000. This amount represents the presen value of future cash flows (both principal and interest) discounted at a rate of 11.12% per annum. The schedule of collections of the receivables is provided next: ($ in thousands) Year Ending December Collections $20,724 15,896 11,559 7,179 8,559 20X2 20X3 20X4 20X5 20X6 20X7 13 $63,930 Assume that the interest due is paid along with the face value of the receivables at the end of each year. Required: Provide journal entries to record the interest received and the notes receivable collected in each year. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in thousands of dollars. Round your intermediate and final answers to whole dollars.)

On December 31, 20X1, Roker, Inc., reported notes receivable of $63,930,000. This amount represents the presen value of future cash flows (both principal and interest) discounted at a rate of 11.12% per annum. The schedule of collections of the receivables is provided next: ($ in thousands) Year Ending December Collections $20,724 15,896 11,559 7,179 8,559 20X2 20X3 20X4 20X5 20X6 20X7 13 $63,930 Assume that the interest due is paid along with the face value of the receivables at the end of each year. Required: Provide journal entries to record the interest received and the notes receivable collected in each year. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in thousands of dollars. Round your intermediate and final answers to whole dollars.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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118. Subject :- Accounting
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