Question: is this correct? thank you! PART : Long-term Note Receivable On January 1, 2012. Jackson Corporation finished consultation services and accepted in exchange a note

is this correct?

thank you! is this correct? thank you! PART : Long-term Note Receivable On

PART : Long-term Note Receivable On January 1, 2012. Jackson Corporation finished consultation services and accepted in exchange a note with a face value of $500.000, a due date of December 31, 2014, and a stated interest rate of 5%, with interest due at the end of each year beginning on December 31, 2012. The note has an effective rate of interest of 10%. Present value factors are provided below. Factors for Three Periods 10% 0.86384 Present value of a single sum Present value of an ordinary annuity 0.75132 2.48685 2.72325 Prepare Jackson's journal entry to record the receipt of the note on January 1, 2012. NOTE $500,000 Discount 62,474,35 Cash 437,828.65 Prepare Jackson's journal entry to record the receipt of interest on December 31, 2012. Cash 15.000 DISCOUNT 18, +82.87 Int. Rev 43,782.87 ill. Determine the carrying value of the note receivable on December 31, 2013. (477,271.96 e Cash Rev Amount CV 437,828 4778 12 25,00 43,782.87 18,782.8-4 56,610.44 .. 13 25,000 45,66109 20,661.09 477.271.8 TTTT

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