On December 1, 2019, your company accepted a note with a face value of $624,000 that...

  

Transcribed Image Text:

On December 1, 2019, your company accepted a note with a face value of $624,000 that matures in five years. The finance department figures the interest rate to be 9.29%. On August 1, 2022, owing to cash flow problem, your CFO directs that the note be sold. The only bank that will consider purchasing this note offers you a 15% discount rate, if you discount the note, what will the proceeds be? Give every journal entry relating to the note with the assumption that on December 1, 2019 you provided services that were valued at the present value of this note at the 9.29% rate compounded five years. On December 1, 2019, your company accepted a note with a face value of $624,000 that matures in five years. The finance department figures the interest rate to be 9.29%. On August 1, 2022, owing to cash flow problem, your CFO directs that the note be sold. The only bank that will consider purchasing this note offers you a 15% discount rate, if you discount the note, what will the proceeds be? Give every journal entry relating to the note with the assumption that on December 1, 2019 you provided services that were valued at the present value of this note at the 9.29% rate compounded five years.

Answer rating: 100% (QA)

New Microsoft Excel Worksheet Excel Product Activation Failed 5 X PAGE LAYOUT REVIEW Sign in FILE HO... View the full answer