Exercise 5-8 (Static) Noninterest-bearing note; single payment [LO5-5] The Field Detergent Company sold merchandise to...
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Exercise 5-8 (Static) Noninterest-bearing note; single payment [LO5-5] The Field Detergent Company sold merchandise to a customer on June 30, 2024. Payment was made in the form of a noninterestbearing note requiring the customer to pay $85,000 on June 30,2026 . Assume that a 10% interest rate properly reflects the time value of money in this situation. Required: Calculate the amount at which Field should record the note receivable and corresponding sales revenue on June 30, 2024. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 ) FV of $1 FVA of $1 FVAD of $1 PV of $1 FVA of $1 FVAD of $1 PV of $1 PVA of $1 PVAD of $1
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Exercise 5-8 (Static) Noninterest-bearing note; single payment [LO5-5] The Field Detergent Company sold merchandise to a customer on June 30, 2024. Payment was made in the form of a noninterestbearing note requiring the customer to pay $85,000 on June 30,2026 . Assume that a 10% interest rate properly reflects the time value of money in this situation. Required: Calculate the amount at which Field should record the note receivable and corresponding sales revenue on June 30, 2024. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 ) FV of $1 FVA of $1 FVAD of $1 PV of $1 FVA of $1 FVAD of $1 PV of $1 PVA of $1 PVAD of $1 