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Jeremy Grey loans Gary Grobowski $400,000. Grey accepts a 5% note, which requires quarterly interest...

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Accounting

Jeremy Grey loans Gary Grobowski $400,000. Grey accepts a 5% note, which requires quarterly interest payments for 10 years. The day after receiving the 6th interest payment, Grey decides to sell the note to Blue Hills Bank. Blue Hills Bank agrees to purchase it to yield an 8% return.

What is the amount that Jeremy Grey will receive on the sale of the note to Blue Hills Bank?

Prepare the entries that Jeremy Grey and Blue Hills Bank will make on the day the note is sold to the bank.

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