1050720/View e Inc, agreed to loan Third Food Co. On /1/2018 (beginning ofyear i), Third...
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1050720/View e Inc, agreed to loan Third Food Co. On /1/2018 (beginning ofyear i), Third Food Co. gave a $ 36,000 zero interest-bearing note due in 5 years to Pancake Inc. Assume that the market interest rate to discount the note is 990. a. Determine the present value of the zero-interest bearing note. You should use an appropriate factor (in five decimals) from a table in Ch. 6 Answer: b. Record the jounal entry Pancake (i.e. the lender) would make to record the receipt of the note on 1/1/2018, Do not provide jounal entry from other dates or points will be deducted Account title Debit Credit
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