Budgeted income statement

1. Describe the interest expense reflected on the budgeted income statement over the life of a periodic and lump-sum payment note.

2. Describe the carrying value shown on the budgeted balance sheet over the life of a periodic payment (installment) note.

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3. Why does a premium on a note arise?

1. Distinguish between the market rate of interest and the face rate of interest on a note.

2. Why does a discount on a note arise?

3. Describe the cash inflows and outflows of a periodic payment (installment) note shown on the budgeted statement of cash flows.

1. Describe the cash inflows and outflows of a lump-sum payment (noninterest-bearing) note shown on the budgeted statement of cash flows.

2. Describe the cash inflows and outflows of a periodic and lump-sum payment note shown on the budgeted statement of cash flows.

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