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High-end Cinematography Services On January 1, 2021, Westwood Corporation provided high-end cinematography services to Bart...

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Accounting

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High-end Cinematography Services On January 1, 2021, Westwood Corporation provided high-end cinematography services to Bart Inc. and accepted in exchange a 3-yr 12% $3,000,000 promissory note with interest receivable each January 1 and July 1. Similar notes carry an imputed rate of interest of 8%. C Detemine the present value of the note received by Westwood Corporation PAY = C = NE 1/4 = PMT = $ FV = $ PV = $ D. This note was issued by Bart Inc at (Par / Premium / Discount) of $ E Complete the amortization schedule below for Westwood Corporation Cash Received ($) Interest Revenue Amount Amortized ($) Carrying Amount ($) 1 January 2021 1 July 2021 1 January 2022 1 July 2022 1 January 2023 E Prepare all necessary journal entries for the dates of January 1, 2021: July 1, 2022; and January 1, 2023 respectively Jan 1, 2021 Dr. $ Cr. $ Jul 1, 2022 Dr. $ . Cr. $ Cr. Interest Revenue $ Jan 1, 2023 Dr. $ Cr. $

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