Inc. had the following long-term receivable account balances at december 31, 2019. note receivable from sale of division $2,100,000 note receivable from officer 477,800 transactions during 2020 and other information relating to sunland’s long-term receivables were as follows. 1. the $2,100,000 note receivable is dated may 1, 2019, bears interest at 10%, and represents the balance of the consideration received from the sale of sunland’s electronics division to new york company. principal payments of $700,000 plus appropriate interest are due on may 1, 2020, 2021, and 2022. the first principal and interest payment was made on may 1, 2020. collection of the note installments is reasonably assured.

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On july 1, oura corp. made a sale of $ 450,000 to stratus, inc. on account. terms of the sale were 2/10, n/30. stratus makes payment on july 9. oura uses the net method when accounting for sales discounts. ignore cost of goods sold and the reduction of inventory. a. prepare all oura's journal entries. b. what net sales does oura report?

Suppose you win a small lottery and have the choice of two ways to be paid: you can accept the money in a lump sum or in a series of payments over time. if you pick the lump sum, you get $2,950 today. if you pick payments over time, you get three payments: $1,000 today, $1,000 1 year from today, and $1,000 2 years from today. 1) at an interest rate of 6% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 2) at an interest rate of 9% per year, the winner would be better off accepting the (lump sum / payments over time), since it has the greater present value. 3) years after you win the lottery, a friend in another country calls to ask your advice. by wild coincidence, she has just won another lottery with the same payout schemes. she must make a quick decision about whether to collect her money under the lump sum or the payments over time. what is the best advice to give your friend? a) the lump sum is always better. b) the payments over time are always better. c) it will depend on the interest rate; advise her to get a calculator. d) none of these answers is good advice.