3: Interest-Bearing Note On 1/1/2019, Arden Farm Company a four-year, $50,000 note bearing interest at...
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3: Interest-Bearing Note On 1/1/2019, Arden Farm Company a four-year, $50,000 note bearing interest at 10 percent annually. The market rate of interest for a note of similar risk is 9 percent. Prepare the journal entry to record the receipt of the note? (Hint: you may record premium on note receivable for the difference between present value and face amount.) (1). Record the receipt of the note on 1/1/20192 (2). Prepare the journal entry to record interest revenue at the end of the 2019
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