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ACG 3103 (Intermediate I) ??? Note Receivable ProjectYOU MUST USE A FORMULA OR CELL REFERNCE WHERE POSSIBLEUse the reference sheet ???Templates for...

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ACG 3103 (Intermediate I) ? Note Receivable Project;YOU MUST USE A FORMULA OR CELL REFERNCE WHERE POSSIBLE;Use the reference sheet ?Templates for Time Value of Money? to create in excel a well-labeled amortization schedules for the scenarios discussed below and prepare the requested journal entries;a. Prepare a well-labeled amortization schedule for the following note receivable (with debits/credits shown);b. Prepare the Journal Entry to record the Note Receivable;c. Prepare the Journal Entry to record the Interest Received 6/30/15 for Note 1;d. Prepare the Journal Entry to record the Interest Received 12/31/15 for Note 2;You can discuss this project with your classmates, but you must prepare your own spreadsheet. Please compute the initial carrying value of the Note Receivable in excel (via functions) and also by hand.;Note 1;On Jan 1 st, 201 4, Xena Inc. provided services in exchange for a 4-year $100,000, 8% note receivable that pays interest semiannually on June 30 th and Dec 31 st. The customer?s normal borrowing rate (market rate) is 10%. On, Jan 1 st, 2014, the carrying value of the note receivable is $__________ _ Round to the nearest dollar.;Note 2;On Jan 1 st, 2014, Sundome Inc. provided services in exchange for a 4-year $100,000, 8% note receivable that pays interest semiannually on July1st and Jan 1 st. The custom er?s normal borrowing rate is 6 %. On, Jan 1 st, 2014, the carrying value of the note receivable is $___________. Round to the nearest dollar.

 

Paper#75487 | Written in 18-Jul-2015

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