Scheduling interest received ([ LO 9-4) On December 31, 20X1, Roker, Inc., reported notes receivable...
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Scheduling interest received ([ LO 9-4) On December 31, 20X1, Roker, Inc., reported notes receivable of $63,930,000. This amount represents the present value of future cash flows (both principal and interest) discounted at a rate of 11.12% per annum. The schedule of collections of the receivables is provided next: Table Summary: Asicle from the header in row 1 , all cels in colurn 1 are blank. Row 7 is a totals row and contains data only in colurnn 3. Assume that the interest due is paid along with the face value of the receivables at the end of each year. Required: Provide journal entries to record the interest received and the notes receivable collected in each year. P9-7 Scheduling interest receivable
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