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Bridgeport is much more creditworthy and has various lines

Question - On December 31, 2015, Bridgeport Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Bridgeport Co. agreed to accept a $281,500 zero-interest-bearing note due December 31, 2017, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 11%. Bridgeport is much more creditworthy and has various lines of credit at 6%.

Calculate Discount on Notes Receivable and Service Revenue.

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Accounting Basics: Bridgeport is much more creditworthy and has various lines

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Accounting Basics: Bridgeport is much more creditworthy and has various lines

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