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Flounder Inc. is a reliable, long-term customer of Novak Ltd. Due to unexpected costs of rapid expansion, Flounder was unable to pay its account balance when it became due on January 1, 2021. Novak agreed to accept a $220,000 non-interest bearing note that would be payable on December 31, 2024. This type of financing would typically have an interest rate of 12%.
Problem 1: use a financial calculator, Excel functions to arrive at the amount to record the note receivable
Problem 2: Prepare the journal entry to record this transaction for Novak Ltd. on Jan 1, 2021.
Problem 3: Prepare the journal entries for Novak Ltd. on December 31, 2021 and on December 31, 2022, using the effective interest method.
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