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At what amounts should this note receivable be reported

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Question - On December 31, 2013, Jet Co. received a $10,000 note receivable from Maxx, Inc. in exchange for services rendered. Interest is calculated on the outstanding balance at the interest rate of 3% compounded annually and payable at maturity. The note from Maxx, Inc. is due in five years. The market interest rate for similar notes on December 31, 2013, was 8%. The compound interest factors are as follows:

Future value of $1 due in nine months at 3% 1.0225

Future value of $1 due in five years at 3% 1.1593

Present value of $1 due in nine months at 8% 0.944

Present value of $1 due in five years at 8% 0.680

Required - At what amounts should this note receivable be reported in Jet's December 31 balance sheet?

Reference no: EM132873564

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