Homework Answers
Solution C:-
| Carring amount of Loan at December 31, 2022 | $1222611 | |
| Less: Present value of $770580 due in 2 years {$770580 X 0.79719 (PV factor @n=2Years,12℅)} | $614299 | |
| Present value of $128430 payable annually for 2 years($128430 X 1.69005,PV annuity factor @n=2years ,12%) | $217053 | $831352 |
| Loss due to impairment | $391259 |
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On December 31, 2020, Nash Company signed a $1,284,300 note to Crane Bank. The market interest...
On December 31, 2020Nash Company signed a $1.284,300 note to Crane Bank. The market interest rate...
On December 31, 2020Nash Company signed a $1.284,300 note to Crane Bank. The market interest rate at that time was 12%. The stated interest rate on the note was 10%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Nash's financial situation worsened. On December 31, 2022, Crane Bank determined that it was probable that the company would pay back only $770,580 of the principal at maturity. However, it was considered likely that interest would continue...
On December 31, 2020, Nash Company signed a $1,284,300 note to Crane Bank. The market interest...
On December 31, 2020, Nash Company signed a $1,284,300 note to Crane Bank. The market interest rate at that time was 12%. The stated interest rate on the note was 10%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Nash's financial situation worsened. On December 31, 2022, Crane Bank determined that it was probable that the company would pay back only $770,580 of the principal at maturity. However, it was considered likely that interest would...
On December 31, 2020, Ayayai Company signed a $1,061,900 note to Pina Bank. The market interest...
On December 31, 2020, Ayayai Company signed a $1,061,900 note to
Pina Bank. The market interest rate at that time was 11%. The
stated interest rate on the note was 9%, payable annually. The note
matures in 5 years. Unfortunately, because of lower sales, Ayayai’s
financial situation worsened. On December 31, 2022, Pina Bank
determined that it was probable that the company would pay back
only $637,140 of the principal at maturity. However, it was
considered likely that interest would...
On December 31, 2020, Headland Company signed a $1,132,500 note to Sage Bank. The market interest...
On December 31, 2020, Headland Company signed a $1,132,500 note to Sage Bank. The market interest rate at that time was 10%. The stated interest rate on the note was 8%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Headland's financial situation worsened. On December 31, 2022, Sage Bank determined that it was probable that the company would pay back only $679,500 of the principal at maturity. However, it was considered likely that interest would...
On December 31, 2020, Sheffield Company signed a $1,186,300 note to Tamarisk Bank. The market interest...
On December 31, 2020, Sheffield Company signed a $1,186,300 note to Tamarisk Bank. The market interest rate at that time was 12%. The stated interest rate on the note was 10%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Sheffield’s financial situation worsened. On December 31, 2022, Tamarisk Bank determined that it was probable that the company would pay back only $711,780 of the principal at maturity. However, it was considered likely that interest would...
Current Attempt in Progress On December 31, 2020, Vaughn Company signed a $1,105,800 note to Bramble...
Current Attempt in Progress On December 31, 2020, Vaughn Company signed a $1,105,800 note to Bramble Bank. The market interest rate at that time was 11%. The stated interest rate on the note was 9%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Vaughn's financial situation worsened. On December 31, 2022, Bramble Bank determined that it was probable that the company would pay back only $663,480 of the principal at maturity. However, it was considered...
On December 31, 2020, Pharoah Company signed a $1,056,900 note to Novak Bank. The market interest...
On December 31, 2020, Pharoah Company signed a $1,056,900 note
to Novak Bank. The market interest rate at that time was 10%. The
stated interest rate on the note was 8%, payable annually. The note
matures in 5 years. Unfortunately, because of lower sales,
Pharoah’s financial situation worsened. On December 31, 2022, Novak
Bank determined that it was probable that the company would pay
back only $634,140 of the principal at maturity. However, it was
considered likely that interest would...
On December 31, 2020, Pharoah Company signed a $1,132,500 note to Novak Bank. The market interest...
On December 31, 2020, Pharoah Company signed a $1,132,500 note to Novak Bank. The market interest rate at that time was 10%. The stated interest rate on the note was 8%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Pharoah’s financial situation worsened. On December 31, 2022, Novak Bank determined that it was probable that the company would pay back only $679,500 of the principal at maturity. However, it was considered likely that interest would...
Exercise 7-27 On December 31, 2017, Cullumber Company signed a $1,054,800 note to Riverbed Bank. The...
Exercise 7-27
On December 31, 2017, Cullumber Company signed a $1,054,800 note
to Riverbed Bank. The market interest rate at that time was 11%.
The stated interest rate on the note was 9%, payable annually. The
note matures in 5 years. Unfortunately, because of lower sales,
Cullumber’s financial situation worsened. On December 31, 2019,
Riverbed Bank determined that it was probable that the company
would pay back only $632,880 of the principal at maturity. However,
it was considered likely that...
On December 31, 2020, Crane Company signed a $1,184,400 note to Cheyenne Bank. The market interest...
On December 31, 2020, Crane Company signed a $1,184,400 note to Cheyenne Bank. The market interest rate at that time was 11%. The stated interest rate on the note was 9%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Crane’s financial situation worsened. On December 31, 2022, Cheyenne Bank determined that it was probable that the company would pay back only $710,640 of the principal at maturity. However, it was considered likely that interest would...
On December 31, 2020Nash Company signed a $1.284,300 note to Crane Bank. The market interest rate at that time was 12%. The stated interest rate on the note was 10%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Nash's financial situation worsened. On December 31, 2022, Crane Bank determined that it was probable that the company would pay back only $770,580 of the principal at maturity. However, it was considered likely that interest would continue...
On December 31, 2020, Nash Company signed a $1,284,300 note to Crane Bank. The market interest rate at that time was 12%. The stated interest rate on the note was 10%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Nash's financial situation worsened. On December 31, 2022, Crane Bank determined that it was probable that the company would pay back only $770,580 of the principal at maturity. However, it was considered likely that interest would...
On December 31, 2020, Ayayai Company signed a $1,061,900 note to
Pina Bank. The market interest rate at that time was 11%. The
stated interest rate on the note was 9%, payable annually. The note
matures in 5 years. Unfortunately, because of lower sales, Ayayai’s
financial situation worsened. On December 31, 2022, Pina Bank
determined that it was probable that the company would pay back
only $637,140 of the principal at maturity. However, it was
considered likely that interest would...
On December 31, 2020, Headland Company signed a $1,132,500 note to Sage Bank. The market interest rate at that time was 10%. The stated interest rate on the note was 8%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Headland's financial situation worsened. On December 31, 2022, Sage Bank determined that it was probable that the company would pay back only $679,500 of the principal at maturity. However, it was considered likely that interest would...
Current Attempt in Progress On December 31, 2020, Vaughn Company signed a $1,105,800 note to Bramble Bank. The market interest rate at that time was 11%. The stated interest rate on the note was 9%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Vaughn's financial situation worsened. On December 31, 2022, Bramble Bank determined that it was probable that the company would pay back only $663,480 of the principal at maturity. However, it was considered...
On December 31, 2020, Pharoah Company signed a $1,056,900 note
to Novak Bank. The market interest rate at that time was 10%. The
stated interest rate on the note was 8%, payable annually. The note
matures in 5 years. Unfortunately, because of lower sales,
Pharoah’s financial situation worsened. On December 31, 2022, Novak
Bank determined that it was probable that the company would pay
back only $634,140 of the principal at maturity. However, it was
considered likely that interest would...
Exercise 7-27
On December 31, 2017, Cullumber Company signed a $1,054,800 note
to Riverbed Bank. The market interest rate at that time was 11%.
The stated interest rate on the note was 9%, payable annually. The
note matures in 5 years. Unfortunately, because of lower sales,
Cullumber’s financial situation worsened. On December 31, 2019,
Riverbed Bank determined that it was probable that the company
would pay back only $632,880 of the principal at maturity. However,
it was considered likely that...
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