Answer is given below
Please note there might be slight difference in rounding off decimals
On December 31, 2020, Coronado Company acquired a computer from Plato Corporation by issuing a $569,000...
On December 31, 2020, Flounder Company acquired a computer from Plato Corporation by issuing a $592,000 zero-interest-bearing note, payable in full on December 31, 2024. Flounder Company's credit rating permits it to borrow funds from its several lines of credit at 12%. The computer is expected to have a 5-year life and a $66,000 salvage value. Prepare the journal entry for the purchase on December 31, 2020. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the...
On December 31, 2020, Blossom Company acquired a computer from Plato Corporation by issuing a $650,000 zero-interest-bearing note, payable in full on December 31, 2024. Blossom Company’s credit rating permits it to borrow funds from its several lines of credit at 12%. The computer is expected to have a 5-year life and a $76,000 salvage value. Prepare the journal entry for the purchase on December 31, 2020. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the...
On December 31, 2020, Blue Company acquired a computer from Plato Corporation by issuing a $636,000 zero-interest-bearing note, payable in full on December 31, 2024. Blue Company’s credit rating permits it to borrow funds from its several lines of credit at 12%. The computer is expected to have a 5-year life and a $71,000 salvage value Prepare the journal entry for the purchase on December 31, 2020. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the...
* Question 4 On December 31, 2020, Blue Company acquired a computer from Plato Corporation by issuing a $609,000 zero-interest-bearing note, payable in full on December 31, 2024. Blue Company’s credit rating permits it to borrow funds from its several lines of credit at 12%. The computer is expected to have a 5-year life and a $63,000 salvage value. Prepare the journal entry for the purchase on December 31, 2020. (Round present value factor calculations to 5 decimal places, e.g....
On December 31, 2020, Flounder Company acquired a computer from Plato Corporation by issuing a $573,000 zero- interest-bearing note, payable in full on December 31, 2024. Flounder Company's credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a $70,000 salvage value. ✓ Your answer is correct. Prepare the journal entry for the purchase on December 31, 2020. (Round present value factor calculations to 5...
On December 31, 2020, Nash Company acquired a computer from Plato Corporation by issuing a $592,000 zero-interest-bearing note, payable in full on December 31, 2024. Nash Company’s credit rating permits it to borrow funds from its several lines of credit at 12%. The computer is expected to have a 5-year life and a $66,000 salvage value. 1. Prepare the journal entry for the purchase on December 31, 2020. (Round present value factor calculations to 5 decimal places,) Date Account Titles...
On December 31, 2017, Faital Company acquired a computer from Plato Corporation by issuing a $600,000 zero-interest-bearing note, payable in full on December 31, 2021. Faital Company’s credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a $70,000 salvage value. Prepare the journal entry for the purchase on December 31, 2017. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the...
Problem 14-8 On December 31, 2017, Buffalo Company acquired a computer from Plato Corporation by issuing a $548,000 zero-interest-bearing note, payable in full on December 31, 2021. Buffalo Company's credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a $64,000 salvage value Prepare the journal entry for the purchase on December 31, 2017. Round present value factor calculations to 5 decimal places, e.g. 1.25124...
On December 31, 2017, Cheyenne Company acquired a computer from Plate Corporation by issuing a $548,000 rero-interest-bearing note, payable in lon December 31, 2021. Cheyenne Company's credit rating permits to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year re and a $72,000 salvage value Your answer is correct. Prepare the journal entry for the purchase on December 31, 2017. (Round present value factor calculations to decimal places 1.25124 and the...
Problem 14-8 On December 31, 2017, Sheridan Company acquired a computer from Plato Corporation by issuing a $557,000 zero-interest-bearing note, payable in full on December 31, 2021. Sheridan Company's credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a $63,000 salvage value Prepare the journal entry for the purchase on December 31, 2017. (Round present value factor calculations to 5 decimal places, e.g. 1.25124...