Homework Answers
Answer:
Interest Revenue = (303600-196600) x 10% x
3/12
=2675
Weighted Average
| a | b | c (3/12) | a x c | |
| July 31 | 196600 | 3 | 0.25 | 49150 |
| Nov 01 | 107000 | 0 | 0 | 0 |
| 303600 | 49150 |
Avodied Interest = 49150 x 12% = 5898
Interest Capitalized = 5898
| Journal Entries | |||
| Date | Particulars | Debit ($) | Credit ($) |
| July 31 | Cash | 303600 | |
| Note payable | 303600 | ||
| (To record borrowing) | |||
| July 31 | Machine | 196600 | |
| Trading securities | 107000 | ||
| Cash | 303600 | ||
| (To record payment to Minsk) | |||
| Nov 1 | Cash | 109675 | |
| Interest received | 2675 | ||
| Trading Securities | 107000 | ||
| (To record proceeds from investment) | |||
| Nov 1 | Machine | 107000 | |
| Cash | 107000 | ||
| (To record payment for machine) | |||
| Dec 31 | Machine | 5898 | |
| Interest | 11858 | ||
| Cash (32200 x 8%) | 2576 | ||
| Interest Payable (303600 x 12% x 5/12) | 15180 | ||
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