May 30 Discounted the $36,000 note at a local bank. The bank’s discount rate is 8%. The note was discounted without recourse and the sale criteria are met. I need help calculating cash received may 30,2018 The journal entries are as follow Cash?? Loss on sale of note receivable ?? Notes Receivable 36000 Interest Receivable 420 Aug. 31 Sold stock in a nonpublic company with a book value of $6,200 and accepted a $7,200 noninterest-bearing note with a discount rate of 8%. The $7,200 payment is due on February 28, 2019. The stock has no ready market value. I'm having problems calculating gain on sale of investment and discount on note receivable
May 30 Discounted the $36,000 note at a local bank. The bank’s discount rate is 8%. The note was discounted without recourse and the sale criteria are met. I need help calculating cash received may 30,2018 The journal entries are as follow Cash?? Loss on sale of note receivable ?? Notes Receivable 36000 Interest Receivable 420 Aug. 31 Sold stock in a nonpublic company with a book value of $6,200 and accepted a $7,200 noninterest-bearing note with a discount rate of 8%. The $7,200 payment is due on February 28, 2019. The stock has no ready market value. I'm having problems calculating gain on sale of investment and discount on note receivable
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....
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| May | 30 | Discounted the $36,000 note at a local bank. The bank’s discount rate is 8%. The note was discounted without recourse and the sale criteria are met. |
I need help calculating cash received may 30,2018
The
Cash??
Loss on sale of note receivable ??
Notes Receivable 36000
Interest Receivable 420
| Aug. | 31 | Sold stock in a nonpublic company with a book value of $6,200 and accepted a $7,200 noninterest-bearing note with a discount rate of 8%. The $7,200 payment is due on February 28, 2019. The stock has no ready market value. |
I'm having problems calculating gain on sale of investment and discount on note receivable
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