Homework Answers
Working For Interest Revenue :
1) 12600 * 5% * 10/12 = 525
2) 5100 * 4% * 2/12 = 34
3) 10000 * 6% * 1/12 = 50
Total = 525 + 34 + 50 = 609
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* 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....
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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
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