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  3. on december 31, 2015, flint co. performed environm

On December 31, 2015, Flint Co. performed environmental consulting services for Hayden Co. Hayden was...

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Accounting

On December 31, 2015, Flint Co. performed environmental consulting services for Hayden Co. Hayden was short of cash, and Flint Co. agreed to accept a $ 105,000 zero-interest-bearing note due December 31, 2017, as payment in full. Hayden is somewhat of a credit risk and typically borrows funds at a rate of 11%. Flint is much more creditworthy and has various lines of credit at 5%.

1. Prepare the journal entry to record the transaction of December 31, 2015, for Tran Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 5,275.25. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

2. Assuming Tran Co.s fiscal year-end is December 31, prepare the journal entry for December 31, 2016.

3. Assuming Tran Co.s fiscal year-end is December 31, prepare the journal entry for December 31, 2017.

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