7. On April 1, 2012, Green Company finished consultation services and accepted in exchange a...
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7. On April 1, 2012, Green Company finished consultation services and accepted in exchange a note receivable with a face value of $600,000, a due date of April 1, 2015, and a stated rate of 6%, with interest receivable at the end of each year. The note of this type of risk is considered to have an appropriate market rate of interest of 10%. a. Fill up the following Face value_ Stated rate Market rate b. Was this note receivable issued at discount, par, or premium? issue price because this Comany draw a timeline of cash flows for this question.) c. Determine the total sales revenue Green Company recognized on April 1, 2012. (The sales revenue is the issue price because this is essentially how much the company provides to their customer today. It helps to d. Provide all journal entries in 2012 and 2013
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