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Iamloria Limited took a $250,000 two—year note receivable from a customer in connection with a major inventory sale transaction on'l Januaryr 20x5

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Iamloria Limited took a $250,000 two—year note receivable from a customer in connection with a major inventory sale transaction on'l Januaryr 20x5. The note required annual end—of—year interest payments of 4%, and the principal was due at the end of 20KB. [PV of $_1, PVA of $_1, and PVAD of $1.] {Use appropriate factor(s) from the tables provided} Required: 1. Prepare journal entries to record the initial sale transaction and each payment on the books of Cambria, assuming that the market interest rate is 4%. {If no entry is required for a transactionfevent. select "Nojournal entry required" in the first account field. Round time value factor to 5 decimal places and final answers to the nearest whole dollar amount} View transaction "St Journal entry worksheet < 1 2 3 ) Record the initial sales revenue. Note: Enter debits before credits. 1 January View general journal Record entry Clearentry

2. Assume now that the market interest rate is 8%. Calculate the present value of the note, and prepare a schedule that shows the annual interest. (Round time value factor to 5 decimal places and final answers to the nearest whole dollar amount. Enter all answers in positive} _:|

3. Prepare journal entries to record the initial sale transaction and each payment on the books of Cambria, consistent with requirement 2. Use the gross method to record the note. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round time value factor to 5 decimal places and final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 2 3 > Record the initial sales revenue with discount. Note: Enter debits before credits. Date General Journal Debit Credit 1 January 20X5 Record entry Clear entry View general journal

4. Not available in connect. 5. Prepare journal entries to record the initial sale transaction and each payment on the books of the customer who bought inventory and owes the note, consistent with requirement 2. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round time value factor to 5 decimal places and final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 2 3 Record the issue of notes payable. Note: Enter debits before credits. Date General Journal Debit Credit 1 January 20X5 Record entry Clear entry View general journal