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Answer:
The Parry Glitter Company
The Parry Glitter Company should record the Notes Receivable as $300,000.
It should also record the interest receivable per year as $24,000 and the advertising cost as $24,000 per year. These bring into the accounting records the interest revenue and also the advertising expense, which eventually cancel each other.
Step-by-step explanation:
a) Data and Calculations:
Notes Receivable = $300,000
If the notes receivable are repaid at the end of 3 years and it is assumed that the interest on the notes receivable = 8%
Therefore, the cost of the free advertising will be equal to $24,000 ($300,000 * 8%), which is the cost of the interest to the radio station.
Step-by-step explanation:
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Answer:
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Step-by-step explanation:
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