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.
Vauxall Holdings showed the following information regarding its notes receivable:
Interest
Maturity
Note
Date of Note Principal
Rate
Term
Date
Days of Accrued
Interest at Dec. 31,
2023
Accrued Interest at
Dec. 31, 2023
1
Nov. 1/22 $ 310,000
4.0%
180 days
2
Jan. 5/23
128,000
5.0%
90 days
3
Nov. 20/23
118,000
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 Vauxall Holdings note 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 (Vauxall Holdings' year-end).
c. Calculate the amount of accrued interest, if any, at December 31, 2023.
