For Note 3:
d. Prepare the entry to record the accrued interest at December 31, 2023.
e. Prepare the entry to record the collection on the maturity date. Assume that both interest and principal are collected at maturity.
Vauxhall Holdings showed the following information regarding its notes receivable:
able[[Note, Date of Note, Principal, able[[Interest Rate]], Term, able[[Maturity Date]], Days of Accrued, able[[Accrued Interest at Dec. 31, 2023"]]],
[ able[[Interest at Dec. 31, 2023]]],
[1, Nov., (1)/(22), $310,000, 4.08%, 180 days,,],
[2, Jan., (5)/(23), $128,000, 5.0%, 90 days,,,],
[3, Nov., (20)/(23), $118,600, 4.5%, 45 days,,,],
[4, Dec., (10)/(23), $155,000, 5.5%, 30 days,,,]]
*Round calculations to the nearest whole cent.
Required:
For each of Vauxhall Holdings notes receivable given below: (Do not round intermediate calculations. Round the "Amount of Accrued Interest at Dec. 31, 2023" answers to 2 decimal places.)
a. Determine the maturity date.
b. Calculate the days of accrued interest, if any, at December 31, 2023 (Vauxhall Holdings' year-end).
c. Calculate the amount of accrued interest, if any, at December 31, 2023.