![Exercise 5-11 (Algo) Deferred annuities [LO5-8] Lincoln Company purchased merchandise from Grandville Corp. on September 30,](http://img.homeworklib.com/questions/2864ee30-1443-11eb-aef9-c34c6710865d.png?x-oss-process=image/resize,w_560)
Homework Answers
We first need to find out the appropriate Present Value Factor
| Year | PV |
| 3 | 0.71178 |
| 4 | 0.63552 |
| 5 | 0.56743 |
| 6 | 0.50663 |
| 7 | 0.45235 |
| 8 | 0.40388 |
| PV Factor | 3.27759 |
| Instalment | 8000 |
| 26,221 |
Amount = 26,221 (or 26,220 rounded down)
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Exercise 5-11 (Algo) Deferred annuities [LO5-8] Lincoln Company purchased merchandise from Grandville Corp. on September 30,...
CO Exercise 5-11 (Algo) Deferred annuities (LO5-8) Lincoln Company purchased merchandise from Grandville Corp. on September...
CO Exercise 5-11 (Algo) Deferred annuities (LO5-8) Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $5.600 on each September 30, beginning on September 30. 2024. (FV or $1. PV or $1. EVA of S1. PVA OR $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your final answer to nearest whole dollar...
Check my work View previous attempt Exercise 5-11 (Algo) Deferred annuities (LO5-8] points Lincoln Company purchased...
Check my work View previous attempt Exercise 5-11 (Algo) Deferred annuities (LO5-8] points Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $7,800 on each September 30, beginning on September 30, 2024. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your...
Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the...
Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $4,200 on each September 30, beginning on September 30, 2024. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your final answer to nearest whole dollar amount.) Required: Calculate the amount at which...
Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the...
Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $7,200 on each September 30, beginning on September 30, 2024. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your final answer to nearest whole dollar amount.) Required: Calculate the amount at which...
Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the...
Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $7,600 on each September 30, beginning on September 30, 2024. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your final answer to nearest whole dollar amount.) Required: Calculate the amount at which...
Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2018. Payment was made in the...
Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2018. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $6,400 on each September 30, beginning on September 30, 2021. (FV of $1, PV of $1, FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Calculate the amount at which Lincoln should record the note payable and corresponding purchases...
Lincoln Company purchased merchandise from Grandville Corp.
Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $5,000 on each September 30, beginning on September 30, 2024. (Use appropriate factor(s) from the tables provided. Round your final answers to nearest whole dollar amount.) Required:Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2021, assuming that an interest rate of 10% properly reflects the...
Problem 5-9 (Algo) Noninterest-bearing note; annuity and lump-sum payment [LO5-3, 5-8] On January 1, 2021, The...
Problem 5-9 (Algo) Noninterest-bearing note; annuity and lump-sum payment [LO5-3, 5-8] On January 1, 2021, The Barrett Company purchased merchandise from a supplier. Payment was a noninterest-bearing note requiring five annual payments of $21,000 on each December 31 beginning on December 31, 2021, and a lump sum payment of $110,000 on December 31, 2025. An 11% interest rate properly reflects the time value of money in this situation. ((FV of $1. PV of $1. FVA of $1. PVA of $1....
Check my work mode: This shows what is correct or incorrect for the work you have...
Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to que 5 Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $7,600 on each September 30, beginning on September 30, 2024. (EV of $1. PV of $1. FVA of $1. PVA of $1. FVAD...
The Field Detergent Company sold merchandise to the Abel Company on June 30, 2021. Payment was...
The Field Detergent Company sold merchandise to the Abel Company on June 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Abel to pay $85,000 on June 30, 2023. Assume that a 10% interest rate properly reflects the time value of money in this situation. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Calculate the amount at...
CO Exercise 5-11 (Algo) Deferred annuities (LO5-8) Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $5.600 on each September 30, beginning on September 30. 2024. (FV or $1. PV or $1. EVA of S1. PVA OR $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your final answer to nearest whole dollar...
Check my work View previous attempt Exercise 5-11 (Algo) Deferred annuities (LO5-8] points Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $7,800 on each September 30, beginning on September 30, 2024. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your...
Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2018. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $6,400 on each September 30, beginning on September 30, 2021. (FV of $1, PV of $1, FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Calculate the amount at which Lincoln should record the note payable and corresponding purchases...
Problem 5-9 (Algo) Noninterest-bearing note; annuity and lump-sum payment [LO5-3, 5-8] On January 1, 2021, The Barrett Company purchased merchandise from a supplier. Payment was a noninterest-bearing note requiring five annual payments of $21,000 on each December 31 beginning on December 31, 2021, and a lump sum payment of $110,000 on December 31, 2025. An 11% interest rate properly reflects the time value of money in this situation. ((FV of $1. PV of $1. FVA of $1. PVA of $1....
Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to que 5 Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $7,600 on each September 30, beginning on September 30, 2024. (EV of $1. PV of $1. FVA of $1. PVA of $1. FVAD...
The Field Detergent Company sold merchandise to the Abel Company on June 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Abel to pay $85,000 on June 30, 2023. Assume that a 10% interest rate properly reflects the time value of money in this situation. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Calculate the amount at...
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