Reference no: EM132572517
By December 31, 2020, Bramble Corp. had performed a significant amount of environmental consulting services for Cullumber Ltd. Cullumber was short of cash, and Bramble agreed to accept a $168,000, non-interest-bearing note due December 31, 2022, as payment in full. Cullumber is a bit of a credit risk and typically borrows funds at a rate of 15%. Bramble is much more creditworthy and has various lines of credit at 8%. Bramble Corp. reports under IFRS. The tables in this problem are to be used as a reference for this problem.
Question 1: Assuming Bramble's fiscal year end is December 31, prepare the journal entry required at December 31, 2021. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Question 2: Assuming Bramble's fiscal year end is December 31, prepare the journal entry required at December 31, 2022. (Round answers to 0 decimal places, e.g. 58,971. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Question 3: What are the amount and classification of the note on Bramble Corp.'s statement of financial position as at December 31, 2021? (Round answer to 0 decimal places, e.g. 58,971.)
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