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Find how much is value of notes receivable as of december

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Reference no: EM132837268

On January 1, 2019, Love Co. sold merchandise to Kit Store in exchange for a non-interest bearing note requiring 10 annual payments of 100,000. Kit Store made the first payment on December 31, 2019. The prevailing market interest rate for similar notes is 8%.

Problem a. How much is the value of notes receivable as of December 31, 2020?

Problem b. How much is the Interest income recognized during 2020?

Reference no: EM132837268

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