Analyzing Accounts and Notes Receivable; Computing Interest, Estimating Value, and Recording Bad Debts

Following are four separate cases. Analyze each of the four separate cases and complete the requirements.

Note: Round each of your answers to the nearest whole dollar.

On December $31,$ Helena Company, a California real estate firm, received two $$24,000$ notes from customers in exchange for services rendered. The $8\%$ note from El Dorado Company is due in nine months, and the $3\%$ note from Newcastle Company is due in five years. The market rate for similar notes on December $31$ was $8\%.$ At what amounts should the two notes be reported in Helena's December $31$ balance sheet?

$\backslash$table$[[$Note receivable, El Dorado Company,$