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The Pastel Paint Company recently loaned $300,000 to KIX 96, a local radio station. The...

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Accounting

The Pastel Paint Company recently loaned $300,000 to KIX 96, a local radio station. The radio station signed a noninterest-bearing note requiring the $300,000 to be repaid in three years. As part of the agreement, the radio station will provide Pastel with a specified amount of free radio advertising over the three-year term of the note. The focus of this case is the valuation of the note receivable by Pastel Paint Company and the treatment of the free advertising provided by the radio station. Your instructor will divide the class into two to six groups depending on the size of the class. The mission of your group is to reach consensus on the appropriate note valuation and accounting treatment

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