References Knowledge Check 01 Dern Company recently sold a large order of tables to Knoll Furniture Store. Terms of the sale require Knoll to sign a noninterest-bearing note of $21,000 with payment due in three years. A rate of 9% reflects the appropriate interest rate for a loan of this type of loan. At what amount should Dern and Knoll value the note receivable/payable and corresponding sales revenue/inventory? Note: Use appropriate factor(s) from the tables provided. Round final answer to the nearest whole dollars. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Amount

References Knowledge Check 01 Dern Company recently sold a large order of tables to Knoll Furniture Store. Terms of the sale require Knoll to sign a noninterest-bearing note of $21,000 with payment due in three years. A rate of 9% reflects the appropriate interest rate for a loan of this type of loan. At what amount should Dern and Knoll value the note receivable/payable and corresponding sales revenue/inventory? Note: Use appropriate factor(s) from the tables provided. Round final answer to the nearest whole dollars. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Amount

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Description: 8. tsSkippedeBookPrintReferencesMcGrawHillOf Lip/PharMost Notes, Loans, andMortgagesAmountExplicitly state interest rate that willproperly reflect the the value of moneyKnowledge Check 01Dern Company recently sold a large order of tables to Knoll Fur

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On July 1, 2023, Babalon Inc. made the following sale. 1. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $404,520 (interest payable annually). The customer has a credit rating that requires them to borrow money at 12%. The journal entry to record the note on Babalon's book would require: A debit to Notes Receivable for $ type your answer... for: $ type your answer... ; a credit to Service Revenue for $ type your answer... and a credit to Discount on Notes Receivable
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on september 1 excellent company received an p80,000, 12%, 120-day note from a credit customer wishing to extend its repayment period. on october 2, 2020, thirty days after the note was received, excellent discounted the note at the bank at 14%. using 360 days in a year, how much cash did thunder company receive from the bank?