Please answer all parts as I cant post separateltybecause they are connected

Questions 4-8 USE THE FOLLOWING INFORMATION TO ANSWERTHE NEXT (5) QUESTIONS:

Ramsey, Inc. sold merchandise to Min Corporation on June 1, 2019and accepted an interest-bearing note with an 8%APR.  Min agreed to make annual payments of P&I inthe amount of $27,000 per year for 5 years with the first paymentbeing made immediately.  The remainingpayments are to be remitted each June1^st.  Ramsey’s year-end is December31^st. Min’s normal cost to borrow is 8%.

Required:

Question 4

Determine the Face Value of the note receivable that Ramseywould recognize on Jun 1, 2019: $____________________________

(round your answer to the nearest whole dollar

Question 5

Using the information presented in #4 above, determine theInterest Revenue that Ramsey will recognize for the year ended Dec31, 2020 on their Income Statement: $________________________

Question 6

Using the information in #4 above, answer the next (3) questionsby preparing the Balance Sheet as of Dec 31, 2019:

Current Assets:

Interest Receivable $___________________

Note Receivable $___________________

Long-Term Investments:

Note Receivable $___________________

Question #6:

Determine the balance in the Interest Receivable account as ofDec 31, 2019: $___________________

Question 7

Using the information presented in #4 above, determine thecurrent maturity of the long-term note receivable. (I.e. how muchprincipal will be repaid in 2020 and therefore should be classifiedas a current asset.)

Question 8

Using the information presented in #4 above, determine thebalance of the Note Receivable that should be classified as aLong-Term Investment (I.e. the balance of the note receivable thatwill not be repaid within the next 12 months from the balance sheetdated Dec 31, 2019.)