Notes Receivable. Use the following present value tables to help answer the following questions.

**Do not round any answer until your final answer. Round your final answer to the nearest whole dollar. When entering your final answer, do not use commas or $ sign. (Sorry...Blackboard is very sensitive and will mark your answer incorrect due to rounding and punctuation.)*

**PV of $1Periods35910** 4%.89.82.70.68 6%.84.74.59.56 8%.79.68.50.46 9%.77.65.46.42**Present Value of an Ordinary Annuity**

4%2.774.457.438.11 6%2.674.216.807.36 8%2.573.996.256.71 9%2.533.895.996.41

** Part I. ** On April 1, 2018, ABC Company rendered services to Jones Company in exchange for a three year, $400,000, 8% note. Payments of P&I (Principal & Interest) are due each April 1st, with the first payment due immediately. December 31st is the fiscal year end for ABC. Jones' normal cost to borrow is 8%.

*Required: Use the above information to answer the next (4) questions:*

1. Determine the dollar amount of the cash payment of P&I to be remitted each April 1st:$[Question_1]

2. Determine the Service Revenue ABC can recognize on April 1, 2018.

$__________________________________________

3. Determine the Total Interest Revenue that ABC will recognize on this note for the year ended December 31, 2019.$_____________________________________

4. Prepare partial Balance Sheet for this Note Receivable as of December 31, 2018:**Current Assets:**

Interest Receivable $_____________________

Note Receivable $_____________________

**Long-Term Investments:**

Note Receivable $_____________________

1.Determine the dollar amount of the cash payment of P&I to be remitted each April 1st: $_______________

2.Using the information presented in #1 above, determine the amount of Service Revenue that ABC should recognize on April 1, 2018:

3.Using the information presented in #1 above, determine what amount of Interest Revenue ABC should recognize from this note for the year ending December 31, 2019. $___________________________________

4.Using the information presented in #1 above, prepare partial Balance Sheet as of December 31, 2018:

**Current Assets:**

Interest Receivable $**[Blank_1]**

Note Receivable (current maturity) $**[Blank_2]**

**Long-Term Investments:**

Note Receivable $**[Blank_3]**

please list all calculation steps for these questions, thanks.

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