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On July 1, 2020, Tamarisk Inc. made two sales:

1- It sold excess land in exchange for a four-year, noninterest-bearing promissory note in the face amount of $1,134,000. The lands carrying value is $600,000.

2- It rendered services in exchange for an eight-year promissory note having a face value of $440,000. Interest at a rate of 2% is payable annually.

The customers in the above transactions have credit ratings that require them to borrow money at 11% interest. Tamarisk recently had to pay 7% interest for money it borrowed from British Bank.

3- On July 1, 2020, Tamarisk also agreed to accept an instalment note from one of its customers in partial settlement of accounts receivable that were overdue. The note calls for four equal payments of $21,400, including the principal and interest due, on the anniversary of the note. The implied interest rate on this note is 9%.

Preparing the journal entries to record the three notes receivable transactions of Tamarisk Inc. on July 1, 2020.

Account Titles	Debit	Credit
1-
2-
3-

Prepare an instalment note receivable schedule for the instalment note obtained in partial collection of accounts receivable.

The dates for the column of the picture are as follows. First is July 1 2020, Second is July 1 2021, Third is July 1 2022, Fourth is July 1 2023, Fifth is July 1 2024

Instalment Schedule Cash Collected Interest Revenue Principal Collected Note Carrying Amount $ $ LA Activate Win Go to Settings to Instalment Schedule Cash Collected Interest Revenue Principal Collected Note Carrying Amount $ $ LA Activate Win Go to Settings to Instalment Schedule Cash Collected Interest Revenue Principal Collected Note Carrying Amount $ $ LA Activate Win Go to Settings to

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