Question: Problem 8-11A Notes receivable LO4 CHECK FIGURES:d. Interest income = $454.93 e. Cash = $90,499.32 Vauxall Holdings showed the following information regarding its notes receivable:
Problem 8-11A Notes receivable LO4 CHECK FIGURES:d. Interest income = $454.93 e. Cash = $90,499.32 Vauxall Holdings showed the following information regarding its notes receivable: Date of Note Interest Rate Maturity Date ACE In Dec 31 2020 Accrued Interest at Dec. 31 2020- Note Principal Term Nov. 1/19 $240.000 4.0% 2 Jan. 5/20 100,000 5.0% Nov. 20/20 90.000 4.5% 4 Dec. 10/20 120,000 5.5% "Round calculations to the newest whole cont. 180 days 90 days 45 days 30 days Required for each note: a. Determine the maturity date. b. Calculate the days of accrued interest, if any, at December 31, 2020 (Vauxall Holdings' year-end) c. Calculate the amount of accrued interest, if any, at December 31, 2020. For Note 3: d. Prepare the entry to record the accrued interest at December 31, 2020. e. Prepare the entry to record the collection on the maturity date. Assume that both interest and principal collected at maturity. KAR
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