M CorD. makes a loan to N Co. and receives in exchange a three-year, $15,000...
80.2K
Verified Solution
Link Copied!
Question
Accounting
M CorD. makes a loan to N Co. and receives in exchange a three-year, $15,000 note bearing interest at 10 percent annually.
The market rate of interest for a note of similar risk IS 12 percent.
Additional information:
PV of Interest for 12% is 2.40183
PV of Principal for 12% is 0.71178
Note: Provide working notes
Requred:
Pass
journal entries that M Corp would record on the receipt of the note and the receipt of interest revenue
on the note at present value?
M CorD. makes a loan to N Co. and receives in exchange a three-year, $15,000 note bearing interest at 10 percent annually.
The market rate of interest for a note of similar risk IS 12 percent.
Additional information:
PV of Interest for 12% is 2.40183
PV of Principal for 12% is 0.71178
Note: Provide working notes
Requred:
Pass
journal entries that M Corp would record on the receipt of the note and the receipt of interest revenue
on the note at present value?
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.