Problem 8-10A Notes recelvable LO4 CHECK FIGURES: d. Interest income $454. Vauxa
ID: 2574251 • Letter: P
Question
Problem 8-10A Notes recelvable LO4 CHECK FIGURES: d. Interest income $454. Vauxall Holdings showed the following information rega 3 e. Cast $40.49q·32 h its notes receivable: Accrued Accrued Interest at Interest at Maturity Dec. 31, Dec. 31, Days of Date of 2017 Interest 2017 Note Date Term Note Nov. 1/13 $240,000 4.0% | 180 days Dec. 10/14 120,000 5.5% | 30days PrincipalRate 1 2: Jan. 5/14 100,000 5.0% 190 days 311 Nov. 20/14 90,000 4.5% 145 days Round caculations to the nearest whole cent. Required For each note: a. Determine the maturity date. b. Cal culate the days of accrued interest, if ang, at December 31, 2017 (Vauxall Holdings' year-end) c. Calculate the amount of accrued interest, if any, at December 31, 2017. For Note 3: d. Prepare the entry to record the accrued interest at December 31, 2017 e. Prepare the entry to record the collection on the maturity date. Assume that both interest and principal are collected at maturity.Explanation / Answer
a. Maturity dates are :
April 30/14
April 5/14
Jan 4/15
Jan 9/15
b. Nil as all the matutrity dates are lying before December 31, 2017
c.Nil as all the matutrity dates are lying before December 31, 2017