a) prepare the may 1 2010 journal entries for tampa company b) prepare the journ

a) prepare the may 1 2010 journal entries for tampa company
b) prepare the journal entries for tampa companys collection of $700000 of the accounts receivable during the period may 1 2010 through july 31 2010.
c) on august 1 2010 tampa company paid the miami bank all that was due from the loan it secured on may 1 2010. prepare the journal entries to record this payment.2) On june 30 2008 tampa company signed loan agreement for a $ 2000000 note to miami bank. The market rate of interest at the time was 8%. The stated interest rate on the note was 6% payable annually. The note matures in 5 years. Unfortunately because of lower than expected sales tampa company began to run into financial trouble. On june 30 2010 miami bank determined that it was likely that tampa bank would pay back only $1200000 of the principal at the end of the 5 years. However it was considered likely that the annual interest payment would continue to be received paid over the life of the loan. a) determine the amount of cash tampa company received from the loan on june 30 2008.
b) prepare a note amortization schedule for miami bank up to june 30 2010.
c) determine the loss on impairment that miami bank should recognize on june 30 2010.please show work.
On may 1 2010 Tampa company assigns $1000000 of its accounts receivable to the miami bank as collateral for $600000 loan due August 12010. The assignment agreement calls for tampa company to continue to collect receivables. Tampa company assesses a finance charge of 1.5% of the accounts receivable and interest in the loan is 6%( comparable to the current market rate of interest for this type of loan).a) prepare the may 1 2010 journal entries for tampa companyb) prepare the journal entries for tampa companys collection of $700000 of the accounts receivable during the period may 1 2010 through july 31 2010.c) on august 1 2010 tampa company paid the miami bank all that was due from the loan it secured on may 1 2010. prepare the journal entries to record this payment.2) On june 30 2008 tampa company signed loan agreement for a $ 2000000 note to miami bank. The market rate of interest at the time was 8%. The stated interest rate on the note was 6% payable annually. The note matures in 5 years. Unfortunately because of lower than expected sales tampa company began to run into financial trouble. On june 30 2010 miami bank determined that it was likely that tampa bank would pay back only $1200000 of the principal at the end of the 5 years. However it was considered likely that the annual interest payment would continue to be received paid over the life of the loan. a) determine the amount of cash tampa company received from the loan on june 30 2008.b) prepare a note amortization schedule for miami bank up to june 30 2010.c) determine the loss on impairment that miami bank should recognize on june 30 2010.please show work.
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