PRINTER VERSION BACK NEXT Question 3 On July 1, 2020, Skysong Inc, made two sales 1. It sold excess and in exchange for a four year, non-interest-bearing promissory note in the face amount of $1,217,900. The land's carrying value is $530,000 2. It rendered services in exchange for an eight-year promissory note having a face value of $450,000. Interest at a rate of 3% is payable annually, The customers in the above transactions have credit ratings that require them to borrow money at 12% Interest, Skysong recently had to pay 7% interest for money it borrowed from British Bank. 3. On July 1, 2020, Skysong also agreed to accept an instalment note from one of its customers in partial settlement of accounts receivable that were overdue. The note calls for four equal payments of $22,000, including the principal and interest due, on the anniversary of the note. The implied interest rate on this note is 99% The tables in this problem are to be used as a reference for this problem. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF Attempts: 3 of 3 used (1) Prepare an instalment note receivable schedule for the instalment note obtained in partial collection of accounts receivable. (Round ansvers to decimal places, e.g. 58,971.) Cash Collected Interest Revenue Principal Collected Note Carrying Amount Date July 1 2020 July 1 2021 July 1 2022 July 1 2023 July 1 2024 SHOW LIST OF ACCOUNTS LINK TO TEXT Attempts: 0 of 3 used SAVE FOR LATER SUNITARSWER