on January 1 2024, mary johnson load $180312 to jimmy jones. a zero-interest bearing note (face amount $240000) was exchanged solely for cash. no
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- On January 1, 2024, Sandra Clark loaned $207976 to George Lewis. A zero-interest-bearing note (face amount, $262000) was exchanged solely for cash: no other rights or privileges were exchanged. The note is to be repaid on December 31, 2026. The prevailing rate of interest for a loan of this type is 8%. The present value of $262000 at 8% for three years is $207984. What amount of interest income should Ms. Clark recognize in 2024? O $46332 O $20960 $16638 O $62830On January 1, 2023, Karen Hong lent $64612 to Ben Bachu. A zero-interest-bearing note (face amount, $86000) was exchanged solely for cash; no other rights or privileges were exchanged. The note is to be repaid on December 31, 2025. The market rate of interest for a loan of this type is 10%. To the nearest dollar, and using the effective interest method, how much interest revenue should Ms. Hong recognize in 2023? $19383 $6461 $25800 ○ $8600On January 1, 2020, Ann Price loaned $165286 to Joe Kiger. A zero-interest-bearing note (face amount, $220000) was exchanged solely for cash; no other rights or privileges were exchanged. The note is to be repaid on December 31, 2022. The prevailing rate of interest for a loan of this type is 10%. The present value of $220000 at 10% for three years is $165286. What amount of interest income should Ms. Price recognize in 2020? $47350. $22000. $16529. $66000.
- B. MATATAG Bank loaned P5,000,000 to a borrower on January 1, 2019. The term of the loan require principal payments of P1,000,000 each year for 5 years plus interest at 8%. The first principal and interest payment is due on January 1, 2020. The borrower made the required payments during 2020 and 2021. However, during 2021 the borrower began to experience financial difficulties, requiring the bank to reassess the collectability of the loan. On December 31, 2021, the bank has determined that the remaining principal payment will be collected as originally scheduled but the collection of the interest is unlikely. The bank did not accrue the interest on December 31, 2021. Present value of 1 at 8% 0.926 For one period For two periods For three periods 0.857 0.794 1. What is the impairment loss for 2021? а. 423,000 b. 217,000 c. 222,000 d. 0 2. What is the interest income for 2022? a. 126,160 b. 142,640 c. 240,000 d. 0 3. What is the carrying amount of the loan receivable on December 31,…DaPlease help me
- On December 31, 2020, Vaughn Manufacturing has $6030000 of short-term notes payable due on February 14, 2021. On January 10, 2019, Vaughn arranged a line of credit with Beach Bank which allows Vaughn to borrow up to $4470000 at one percent above the prime rate for three years. On February 2, 2021, Vaughn borrowed $3560000 from Beach Bank and used $1450000 additional cash to liquidate $5120000 of the short-term notes payable. The amount of the short-term notes payable that should be reported as current liabilities on the December 31, 2020 balance sheet which is issued on March 5, 2021 is $910000. $0. $2470000. $1560000.On February 1st, 2021, Seen This Before Inc. (STB) accepted a non-interest-bearing note from its customer Dolon Inc for services rendered. All services had been completed on February 1st, 2021, and they also meet the criteria for revenue recognition. The total amount of the note was $500,000 and was to be paid in full on February 1st, 2024. Dolan's typical borrowing rate is 5%. and paid the note in full on the due date. The present value of the note on February 1st, 2021, is: $431,920. STB and Dolon Inc both follow IFRS. Provide In good presentation form the journal entries that would be required on February 1st, 2021, December 31st, 2021, December 315t, 2022, and December 31st, 2023Rahul
- Mr. X lends $20,000 to Mr. Y on May 6, 2021. A promissory note is written by Mr. Y at a simple interest rate of 9%, with a due date of October 6, 2021. The maturity value of the note is $20,769.32. The note was sold by Mr. X on June 26, 2021 to Mr. C who discounts the note at a simple discount rate of 8%. What price does Mr. A receive for the note? $20,291.34 O $20,305.00 O $20,302.09 $20,315.15On March 11, 2022, FDNÁCCT Services issued to a lender a 120-day, non- interest-bearing P400,000 note for a down payment to purchase a delivery van. When was the maturity date of the note? Enter your answer as month/day/year. Examples: April 2, 2022 as 04/02/2022 [no spaces in between the /] May 15, 2022 as 05/15/2022 [no spaces in between the /]The company purchased the equipment 600,000. The interest rate of bank is 12,400. The loan is denominated in OMR, matures on March 31 2019. The spot rate of OMR 2.50. What is the value of interest expenses?Select one:a. OMR 12,400b. OMR 1,500,000c. OMR 31,000d. None of the other points