Prepare Effix’s entries for the note, the interest entries over the five years and the collection of the note at maturity.

On May 1, 2015, Effix Ltd. provided services to Harper Inc. in exchange for Harper’s $336,000, five-year, zero-interest-bearing note. The implied interest is 8%. Effix’s yearend is December 31.

Required:

a. Prepare Effix’s entries for the note, the interest entries over the five years and the collection of the note at maturity.

b. Using present value calculations prove that the note yields 8%.

c. Prepare a partial classified balance sheet as at December 31, 2016. What would be the unamortized discount/premium, if any? How would the classification of the note receivable differ on the partial classified balance sheet as at December 31, 2019?

d. If an appropriate market rate of interest for the note receivable is not known, how should the transaction be valued and recorded on December 31, 2015?

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