Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 11.00

Conchita Martinez Company

On December 31, 2014, Conchita Martinez Company signed a $1,290,000 note to Sauk City Bank. The market interest rate at that time was 12%. The stated interest rate on the note was 10%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Conchita MartinezAc€?cs financial situation worsened. On December 31, 2016, Sauk City Bank determined that it was probable that the company would pay back only $774,000 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,290,000 loan.

 

Determine the amount of cash Conchita Martinez received from the loan on December 31, 2014. (Round present value factors to 5 decimal places, e.g. 0.52500 and final answer to 0 decimal places, e.g. 5,275.)

 

Prepare a note amortization schedule for Sauk City Bank up to December 31, 2016. (Round answers to 0 decimal places, e.g. 5,275.)

 

Note Amortization Schedule
(Before Impairment)



Date

  


Cash
Received

  


Interest
Revenue

  

Increase in
Carrying
Amount

  

Carrying
Amount of
Note
12/31/14               $
12/31/15   $   $   $  
12/31/16        

 

Determine the loss on impairment that Sauk City Bank should recognize on December 31, 2016. (Round present value factors to 5 decimal places, e.g. 0.52500 and final answer to 0 decimal places, e.g. 5,275.)

Show transcribed image text On December 31, 2014, Conchita Martinez Company signed a $1,290,000 note to Sauk City Bank. The market interest rate at that time was 12%. The stated interest rate on the note was 10%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Conchita Martinez?s financial situation worsened. On December 31, 2016, Sauk City Bank determined that it was probable that the company would pay back only $774,000 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,290,000 loan. Determine the amount of cash Conchita Martinez received from the loan on December 31, 2014. (Round present value factors to 5 decimal places, e.g. 0.52500 and final answer to 0 decimal places, e.g. 5,275.) Prepare a note amortization schedule for Sauk City Bank up to December 31, 2016. (Round answers to 0 decimal places, e.g. 5,275.)

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 03:08 PM My Price 11.00

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