During 2019, Ocean Consulting had the following transactions with it clients (customers): On February 1, 2019, the company received cash of $6,300 from clients in payment of their account balances as of December 31, 2018. On November 1, 2019, the company received $3,300 cash as payments in advance for services to be performed in 2020. The company received a total of $19,500 in cash for services that were performed during 2019. The company sent bills totaling $5,300 to clients for services performed during 2019; this amount was unpaid as December 31, 2019. What is the amount of Service Revenue that will be reported on the income statement for the year 2019

Grey company holds an overdue note receivable of $800,000 plus recorded accrued interest of $64,000. the effective interest rate is 8%. as the result of a court-imposed settlement on december 31, year 3, grey agreed to the following restructuring arrangement: reduced the principal obligation to $600,000.forgave the $64,000 accrued interest.extended the maturity date to december 31, year 5.annual interest of $40,000 is to be paid to grey on december 31, year 4 and year 5. the present value of the interest and principal payments to be received by grey company discounted for two years at 8% is $585,734. grey does not elect the fair value option for reporting the debt modification. on december 31, year 3, grey would recognize a valuation allowance for impaired loans of

In the supply-and-demand schedule shown above, at the lowest price of $50, producers supply music players and consumers demand music players.

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