Question: Dr. Notes Receivable 80,000.00 Dr. Notes Receivable 80,000. Cr. Equipment 63,506.57 Cr. Equipment Cr. Discount on NR 16,493.43 Cr. Discount on NR Subsequent Entry to

Dr. Notes Receivable 80,000.00 Dr. Notes Receivable 80,000. Cr. Equipment 63,506.57

Dr. Notes Receivable 80,000.00 Dr. Notes Receivable 80,000. Cr. Equipment 63,506.57 Cr. Equipment Cr. Discount on NR 16,493.43 Cr. Discount on NR Subsequent Entry to recognize interest revenue 31-Dec FV=80,000 1=8% N=3years Pmt=0 PV= 63,506.57 Dr. Discount on NR 5,081.00 63,506.57*8% Dr. Discount on NR 5,081.00 Cr. Interest Income 5081.00 Cr. Interest Income 5081.00

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