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Unformatted text preview: P7-10)(a) Connecticut Inc.Long-Term Receivables Section of Balance SheetDecember 31, 20029% note receivable from sale of division,due in annual installments of $600,000 toMay 1, 2004, less current installment$600,000(1)8% note receivable from officer, due Dec. 31,2004, collateralized by 10,000 shares ofConnecticut, Inc., common stock with afair value of $450,000400,000Noninterest-bearing note from sale of patent,net of 12% imputed interest, due April 1,2004173,746(2)Installment contract receivable, due inannual installments of $45,125 to July 1,2006, less current installment110,275(3)Total long-term receivables$1,284,021(b) Connecticut Inc.Selected Balance Sheet BalancesDecember 31, 2002Current portion of long-term receivables:Note receivable from sale of division$600,000(1)Installment contract receivable29,725(3)Total current portion of long-term receivables$629,725Accrued interest receivable:Note receivable from sale of division72,000(4)Installment contract receivable7,700(5)Total accrued interest receivable...
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This note was uploaded on 01/05/2012 for the course 101 melissa jo taught by Professor Acc101 during the Spring '11 term at Aarhus Universitet.
- Spring '11