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Prepare the journal entry recorded by green company

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Reference no: EM131790489

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1. On December 31, 2016, Green Company finished consultation services and received a promissory note with a face value of 800,000, a due date of December 31, 2019, and a stated rate of 5% with interest receivable at the end of each year. The fair value of the services is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed interest rate of 10%.

a) Prepare the journal entry recorded by Green Company at December 31, 2016

b) Prepare the journal entry, if any, to be recorded by Green company at December 31, 2017

c) Prepare the journal entry, if any, to be recorded by Green company at December 31, 2018

d) Prepare the journal entry, if any, to be recorded by Green company at December 31, 2017

2. Relix, Inc., is a domestic corporation. Relix reported two permanent differences between book and taxable income. It earned $2,375 in tax-exempt municipal bond interest, and it incurred $780 in nondeductible meals and entertainment expense. Relix's book income before tax is $4,800. Assume a 34% corporate tax rate.

Provide the information for the income tax footnote rate reconciliation for Relix.

For dollar amounts, round down to the nearest dollar. For the percentages, round to the two decimal places.

Reference no: EM131790489

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