PLEASE SHOW A STEP BY STEP SOLUTION TO THE QUESTIONS BELOW. Thanks. 1. Ireland Corporation obtained a $40,000 note receivable from a customer on June 30, 2016. The note, along with interest at 6% is due on June 30, 2017. On September 30, 2016, Ireland discounted the note at Cloverdale bank. The bank’s discount rate is 10%. What amount of loss should Ireland recognize on September 30, 2016? Microsoft Word – ACCY111-2015Sr-EX2a.docx A. $780. B. $1,380. C. $1,800. D. $3,180. 2. Addams Family Importers sold goods to Acme Decorators for $100,000 on October 1, 2016 and agreed to accept as payment a noninterest-bearing note requiring the payment of principal and interest on March 31, 2017. The discount rate is 8% rate and it is appropriate in this situation. The journal entry at October 1, 2016 includes a A. Credit to Interest Revenue for $4,000. B. Credit to Sales Revenue for $4,000. C. Credit to Discount on NotesReceivable for $4,000. D. Credit to Discount on Notes Payable for $4,000. Microsoft Word – ACCY111-2015Sr-EX2a.docx 3. Please see attachment for detail of question. The amount of cash paid for inventories is: A. $75,000. B. $74,000. C. $73,000. D. $70,000. ATTACHMENT PREVIEW Download attachment Screen Shot 2015-11-15 at 2.24.08 PM.png