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Home / Questions / The $1,500,000 note receivable is dated May 1, 2016, bearsinterest at 9%, and represents the balance

The $1,500,000 note receivable is dated May 1, 2016, bearsinterest at 9%, and represents the balance

The $1,500,000 note receivable is dated May 1, 2016, bearsinterest at 9%, and represents the balance of the considerationreceived from the sale of Braddock’s electronics division to NewYork Company. Principal payments of $500,000 plus ap- propriateinterest are due on May 1, 2017, 2018, and 2019. The firstprincipal and interest payment was made on May 1, 2017. Collectionof the note installments is reasonably assured. (a) Prepare the long-term receivables section of Braddock’sbalance sheet at December 31, 2017. (b) Prepare a schedule showing the current portion of thelong-term receivables and accrued interest receivable that wouldappear in Braddock’s balance sheet at December 31, 2017. (c) Prepare a schedule showing interest revenue from thelong-term receivables that would appear on Braddock’s incomestatement for the year ended December 31, 201 . . .

 

Apr 08 2020 View more View Less

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