On December 31, 2020, Cullumber Company rendered services to Riverbed Corp. at an agreed price of $97,354.75. In payment, Cullumber accepted $38,160 cash and agreed to receive the balance in four equal installments of $19,080 that are due each December 31. An interest rate of 11% is applicable.

Click here to view the factor table PRESENT VALUE OF 1.
Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1.

The tables in this problem are to be used as a reference for this problem.

Calculate the value of the note receivable at December 31, 2020. (Round answer to 2 decimal places, e.g. 5,275.25. For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

Note receivable on December 31, 2020

$Enter your answer in accordance with the question statement

Prepare an installment note receivable schedule. (Round answers to 2 decimal places, e.g. 5,275.75.)

Instalment Note Receivable Schedule
Date		Cash Collected		Debit, Notes Receivable/ Credit, Interest Income		Instalment Paid		Present Value of Note
12/31/20				-		-		$
12/31/21
12/31/22
12/31/23
12/31/24

Prepare the entries recorded by Cullumber Company for the sale and for the receipts including interest. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 2 decimal places, e.g. 52.75.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	December 31, 2020December 31, 2021December 31, 2022December 31, 2023December 31, 2024
2.	December 31, 2020December 31, 2021December 31, 2022December 31, 2023December 31, 2024
3.	December 31, 2020December 31, 2021December 31, 2022December 31, 2023December 31, 2024
4.	December 31, 2020December 31, 2021December 31, 2022December 31, 2023December 31, 2024
5.	December 31, 2020December 31, 2021December 31, 2022December 31, 2023December 31, 2024

Answer rating: 100% (QA)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Date 17 18 19 20 21 22 24 25 26 27 31 32 34 35 36 37 A 39 Val... View the full answer