On January 1, 20X1, Low Ground Corp. loaned a customer cash in exchange for receiving an...

 

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On January 1, 20X1, Low Ground Corp. loaned a customer cash in exchange for receiving an 8%, $251,000 long-term note with interest payments due at each year-end. Assume the carrying value of the note on January 1, 20X1, is $268,394 and that the market rate for similar risk notes is 6%. Fill in the note amortization table for the first two years. You may round all numbers to the nearest dollar. Note Date 1/1/20X1 12/31/20X1 12/31/20X2 Cash Received Interest Revenue Premium Amortized Carrying Value On January 1, 20X1, Low Ground Corp. loaned a customer cash in exchange for receiving an 8%, $251,000 long-term note with interest payments due at each year-end. Assume the carrying value of the note on January 1, 20X1, is $268,394 and that the market rate for similar risk notes is 6%. Fill in the note amortization table for the first two years. You may round all numbers to the nearest dollar. Note Date 1/1/20X1 12/31/20X1 12/31/20X2 Cash Received Interest Revenue Premium Amortized Carrying Value