Question

need help with b please

NEXT On July 1, 2020, Marin Inc, made two sales: 1. It sold excess land in exchange for a four year on-Interest-bearing promissory note in the face amount of $1,040,980. The band's carrying value is $600,000 2. It rendered services in exchange for an eight-year promissory not having a face value of $450,000. Interests are of is payable annually The customers in the above transactions have credit ratings that require them to borrow money at 10% interest. Marin recently had to pay interest for money it borrowed from British Bank. 3. On July 1, 2020, Marin also agreed to accept an instalment note from one of its customers in partial settlement of accounts receivable that were overdue. The note calls for four equal payments of $21,800, including the principal and interest due, on the anniversary of the note. The implied interest rate on this note is 9% The tables in this problem are to be used as a reference for this problem. Gick here to view the factor table PRESENT VALUE OF 1. Click here to view the factor t e PRESENT VALUE OF AN ANNUITY OF 1 Your answer is partially correct. Try again Prepare the journal entries to record the three notes receivable transactions of Marin Inc. on July 1, 2020. (For calculation purposes, we decimal places a displayed in the factor table provided. Round answers to decimal places . S971. Credit account titles are automatically indented when amount is entered. Do not indent manually. Ir ne entry is required, select "No Entry for the account tits and enter for the amounts) 1. The 3. TNotes

Answer 1

B2 1 bi x C fc D A B E F G H - 61 date cash collected interest revenue principal collected am 01-07-2020 01-01-2021 01-07-2022 01-07-2023 01-07-2024 note carrying amount $ 70,626 $ 55,182 $ 38,349 $ 20,000 $0 $21,800 $21,800 $ 21,800 $ 21,800 $ 6,356 $4,966 $3,451 $ 1,800 $ 15,444 $ 16,834 $ 18,349 $ 20,000

for formulas and calculations, refer to the image below -

B2 - X Fox b1 E A B C D F G b1 date collected cash interest revenue principal note carrying collected | amount 44013 44197 21800 44743 21800 45108 21800 45474 21800 =G3*9% =G4*9% =G5*9% =G6*9% =D4-E4 =D5-E5 =D6-E6 =D7-E7 70626 =G3-F4 =G4-F5 =G5-F6 =G6-F7

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