also it asked for journal entries for December 31,2019, December 31,2020, and December 31,2022
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also it asked for journal entries for December 31,2019, December 31,2020, and December 31,2022 RED: Answer each of the...
just want to see if I got this right REQUIRED: Answer each of the following. Be...
just want to see if I got this right
REQUIRED: Answer each of the following. Be sure to show all calculations in good form. On December 31, 2019, Green Company finished consultation services and accepted in exchange a promissory ote with a face value of $850,000, a due date of December 31, 2022, and a stated rate of 5%, with interest receivable at the end of each vear. The fair value of the services is not readily determinable and the...
On December 31, 2019, Coronado Company finished consulting services and accepted in exchange a promissory note...
On December 31, 2019, Coronado Company finished consulting services and accepted in exchange a promissory note with a face value of $610,000, a due date of December 31, 2022, and a stated rate of 6%, with interest receivable at the end of each year. The fair value of the services is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 12%. The following...
Prepare a Schedule of Note Discount Amortization for Marigold Company under the effective interest method. (Round answe...
Prepare a Schedule of Note Discount Amortization for Marigold Company under the effective interest method. (Round answers to 0 decimal places, e.g. 5,275.) Cash Interest (6%) Effective Interest (12%) Discount Amortized Present Value of Note Date 12/31/197 Unamortized Discount Balance 94393 560607 12/31/20 39300 78600 12/31/21 39300 78600 12/31/22 39300 78600 117900 235800 Click if you would like to Show Work for this question: Open Show Work Testbank Problem 163 a-b On December 31, 2019, Marigold Company finished consulting services...
Rumsfeld Corporation leased a machine on December 31, 2020, for a three-year period. The lease agreement...
Rumsfeld Corporation leased a machine on December 31, 2020, for a three-year period. The lease agreement calls for annual payments in the amount of $18,000 on December 31 of each year beginning on December 31, 2020. Rumsfeld has the option to purchase the machine on December 31, 2023, for $20,000 when its fair value is expected to be $40,000. The machine's estimated useful life is expected to be five years with no residual value. The appropriate interest rate for this...
Please complete this part also. Prepare any necessary adjusting entries relative to depreciation and amortization on...
Please complete this part also.
Prepare any necessary adjusting entries relative to depreciation
and amortization on December 31, 2022. (Round answers
to 0 decimal places, e.g. 38,548. If no entry is required, select
"No Entry" for the account titles and enter 0 for the amounts.
Credit account titles are automatically indented when amount is
entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
December 31, 2022
(To record the depreciation.)
December 31, 2022
(To amortize the discount.)...
Using the appropriate present value table and assuming a 12% annual interest rate, determine the present...
Using the appropriate present value table and assuming a 12% annual interest rate, determine the present value on December 31, 2021, of a five-period annual annuity of $5,900 under each of the following situations: (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.) The first payment is received on December 31, 2022, and interest is compounded annually. The first payment is received on...
$50,000 zero-interest bear PROBLES The Problem C. On January 1, 2019, Western sold equipment to Jones...
$50,000 zero-interest bear PROBLES The Problem C. On January 1, 2019, Western sold equipment to Jones Company, accepting a $50,000 zero-interese note to be paid in full at the end of the third year (December 31, 2021). The implicit interest rate is 10%. The presa value factor for a single amount (n=3,1 = 1096) -0.75132 a. At what amount will Western record the sale? Carrying amount of note b. Complete the amortization table below. Schedule of Note discount Amortization Effective...
12A. On December 31, 2018, when the market interest rate is 14%, Derrick Corporation issues $220,000...
12A. On December 31, 2018, when the market interest rate is 14%, Derrick Corporation issues $220,000 of 12%, 4-year bonds payable. The bonds pay interest semiannually. Determine the present value of the bonds at issuance. 5 (Click the icon to view Present Value of $1 table.) 5 (Click the icon to view Present Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of $1 table.) (Click the icon to view Future Value of Ordinary Annuity...
On December 31, 2020, Nash Company acquired a computer from Plato Corporation by issuing a $592,000...
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, 2020, Headland Company signed a $1,132,500 note to Sage Bank. The market interest...
On December 31, 2020, Headland Company signed a $1,132,500 note to Sage Bank. The market interest rate at that time was 10%. The stated interest rate on the note was 8%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Headland's financial situation worsened. On December 31, 2022, Sage Bank determined that it was probable that the company would pay back only $679,500 of the principal at maturity. However, it was considered likely that interest would...
just want to see if I got this right
REQUIRED: Answer each of the following. Be sure to show all calculations in good form. On December 31, 2019, Green Company finished consultation services and accepted in exchange a promissory ote with a face value of $850,000, a due date of December 31, 2022, and a stated rate of 5%, with interest receivable at the end of each vear. The fair value of the services is not readily determinable and the...
Prepare a Schedule of Note Discount Amortization for Marigold Company under the effective interest method. (Round answers to 0 decimal places, e.g. 5,275.) Cash Interest (6%) Effective Interest (12%) Discount Amortized Present Value of Note Date 12/31/197 Unamortized Discount Balance 94393 560607 12/31/20 39300 78600 12/31/21 39300 78600 12/31/22 39300 78600 117900 235800 Click if you would like to Show Work for this question: Open Show Work Testbank Problem 163 a-b On December 31, 2019, Marigold Company finished consulting services...
Please complete this part also.
Prepare any necessary adjusting entries relative to depreciation
and amortization on December 31, 2022. (Round answers
to 0 decimal places, e.g. 38,548. If no entry is required, select
"No Entry" for the account titles and enter 0 for the amounts.
Credit account titles are automatically indented when amount is
entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
December 31, 2022
(To record the depreciation.)
December 31, 2022
(To amortize the discount.)...
$50,000 zero-interest bear PROBLES The Problem C. On January 1, 2019, Western sold equipment to Jones Company, accepting a $50,000 zero-interese note to be paid in full at the end of the third year (December 31, 2021). The implicit interest rate is 10%. The presa value factor for a single amount (n=3,1 = 1096) -0.75132 a. At what amount will Western record the sale? Carrying amount of note b. Complete the amortization table below. Schedule of Note discount Amortization Effective...
12A. On December 31, 2018, when the market interest rate is 14%, Derrick Corporation issues $220,000 of 12%, 4-year bonds payable. The bonds pay interest semiannually. Determine the present value of the bonds at issuance. 5 (Click the icon to view Present Value of $1 table.) 5 (Click the icon to view Present Value of Ordinary Annuity of $1 table.) (Click the icon to view Future Value of $1 table.) (Click the icon to view Future Value of Ordinary Annuity...
On December 31, 2020, Headland Company signed a $1,132,500 note to Sage Bank. The market interest rate at that time was 10%. The stated interest rate on the note was 8%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Headland's financial situation worsened. On December 31, 2022, Sage Bank determined that it was probable that the company would pay back only $679,500 of the principal at maturity. However, it was considered likely that interest would...
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