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Harvey, Inc. performed services on October 1, 2014 and received a $268,958, 10% note requiring 5 equal annual payments of P&I, with the first payment to be received immediately on Oct. 1, 2014. The remaining four payments will be received each Oct 1. Harvey's year-end is December 31.

A. Compute the amount of the annual payment of P&I (round your factor to 4 decimal places. Round your final answer to the nearest whole dollar.)

B. Using the information presented above for Harvey, Inc., determine the combined carrying value of the note receivable and interest receivable on Harvey's balance sheet for the year-ended December 31, 2014 after the appropriate adjustments have been recorded for accrued interest. (round your answer to the nearest whole dollar.)

C. Using the information presented above for Harvey, Inc., determine Interest Revenue for the year-ended December 31, 2015. (round your answer to the nearest whole dollar.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M91585093

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