Business, 24.06.2020 02:01, 1andonlyrob

On October 1, 20x1, ABC Company rendered services to Sparky, Inc. in exchange for a six year, $510,000 non-interest-bearing note. Payments of P&I (Principal & Interest) are due each October 1st, with the first payment due immediately. December 31st is the fiscal year end for ABC. The imputed interest is 8% APR. The PVOA factor for 8%, 6n is 4.62 and the PVAD factor for 8%, 6n is 4.99. The PV of $1 factor for 8%, 6n is .63.Required:1. Determine the dollar amount of the cash payment of P&I to be $ remitted each April 1st.2. Determine the Service Revenue ABC can recognize on $ April 1, 2020. 3. Determine the Total Interest Revenue that ABC will recognize on this note for the year ended December 31, 2021. 4. Prepare a partial Balance Sheet for this Note Receivable as of December 31, 2020. Current Assets: Interest Receivable $ Note Receivable $Long-Term Investments:Note Receivable $

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On October 1, 20x1, ABC Company rendered services to Sparky, Inc. in exchange for a six year, $510,0...