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for Long-Term Note Receivable; Effective Interest Method December 31 of Year 2. The prevailing interest...

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Accounting

for Long-Term Note Receivable; Effective Interest Method December 31 of Year 2. The prevailing interest rate on similar notes is 11%. Assume that the cost of the land is equal to the fair value of the note.
Required
Note: Round answers to the nearest whole dollar.
b. Prepare entries on December 31 of Year 2 to record (1) interest received on the note and (2) the settlement of the note.
\table[[Date,Account Name,Dr.,Cr.,],[Dec.31, Year 2,Cash,vv,0,0
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