Cash of $927,908 was given on a 5 year $1,000,000 loan. The stated rate of the note receivable is 10%, while the effective rate was 12%. Calculate the cash interest received, effective interest revenue, effective interest amortization, and the carrying amount of the note after one year. (Rounded to nearest dollar.) 

A. $92,791, $111,349, $18,558, and $946,466. 

B. $100,000, $111,349, $11,349, and $916,559.

C. $100,000, $111,349, $11,349, and $939,257. 

D. $100,000, $120,000, $20,000, and $947,908.

In a period of rising prices, the inventory method which tends to give the highest reported net income and tax liability is 

A. first-in, still-here. 

B. first-in, first-out. 

C. last-in, first-out. 

D. weighted-average.

The net realizable value in applying the lower-of-cost-or-net realizable value (LCNRV) to inventory is determined as the 

estimated selling price.

estimated selling price less reasonable costs to complete.

replacement cost.

replacement cost less reasonable costs to complete.

Answer rating: 100% (QA)

Answer 1 A 92791 111349 18558 and 946466 Cash Interest 9... View the full answer