On January 1, 20x1, Bar Harbor Corp. borrowed $9,000 from Bank North Inc. Bar Harbor promised to repay $12,000 on December 31, 20x6 (6 years). No interest is stated in the lending agreement. On January 1, 20x3, with four years remaining on the loan, Bank North Inc. determined that the note was impaired. Prepare entries necessary to record the following independent situations. Use the present value tables provided and round all amounts to the nearest dollar. Situatian On January 1, 20x3, Bank North estimated that it would collect only $10,000 (not $12,000) on December 31, 20x6. The note was not formally restructured. Interest rates for the two parties had increased to 12% on January 1, 20x3. 3A. Prepare all entries needed by Bar Harbor (debtor) to record the note during 20x3.

On January 1, 20x1, Bar Harbor Corp. borrowed $9,000 from Bank North Inc. Bar Harbor promised to repay $12,000 on December 31, 20x6 (6 years). No interest is stated in the lending agreement. On January 1, 20x3, with four years remaining on the loan, Bank North Inc. determined that the note was impaired. Prepare entries necessary to record the following independent situations. Use the present value tables provided and round all amounts to the nearest dollar. Situatian On January 1, 20x3, Bank North estimated that it would collect only $10,000 (not $12,000) on December 31, 20x6. The note was not formally restructured. Interest rates for the two parties had increased to 12% on January 1, 20x3. 3A. Prepare all entries needed by Bar Harbor (debtor) to record the note during 20x3.

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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