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Omega Chemicals Ltd. took a $420,000 two-year note receivable from a customer in connection with a major sale transaction on 1 May 20X7. the note required annual 30 April interest payments of 3%, and the principal was due on 30 April 20X9. Omega has a 31 December year end.
Required: Problem 1: Prepare journal entries to record the initial sale transaction and each payment on the books of Omega assuming that the market interest rate is 3%.
Problem 2: Assume now that the market interest rate is 5%. Calculate the present value of the note, and prepare a schedule that shows the interest for each year of the note receivable.
Problem 3: Prepare journal entries to record the initial sale transaction and each payment on the books of Omega, consistent with requirement 2. Use the gross method to record the note.
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