note IL UI the note. Toe, the present value of future cash flows from et interest rate on a short-term note receivable is greater than the stated Multiple Choice When the market inte rate, a. the present value of b. the present value of th t value of the note is greater than its stated value ont value of the note is less than its stated value ve of the note is greater than its face value the stated value of the note is er stated value of the note is less than its face value d. the stated value type of account is Discount on Note Receivable? 2. What type of account is a. revenue b. contra-revenue c.asset d. contra-asset 3. Wull Associates sold a piece of equipment to Coral Company on April 1, 2016, for $800,000. Wull agreed to accept a 9-month note with 8% interest (current market rate) due on its maturity date, December 31, 2016. Wull's journal entry to record the receipt of the note on April 1, 2016, will include a a. credit to Cash for $800,000 b. debit Cash for $800,000 C. credit Note Receivable for $800,000 d. debit Note Receivable for $800,000 the collection of the note plu "Un May 1, 2016, Fitz installed a $475,000 sound system for International Arena. Fitz agreed dccept a $500.000 six-month noninterest bearing note due on December 1, 2016. Fitz es financial statements at the end of every calendar year. Fitz's journal entry to record ction of the note plus accrued interest on December 1, 2016, will include a a. credit Interest Revenue for $475,000 b. debit Interest Revenue for $25,000 C. Credit Note Receivable for $500,000 d. credit Note Receivable for $47 Module 9 - 3 Page 4