JOURNAL ENTRY FOR THIS Truck #2 has a list price of $23,840 and is acquired for...
JOURNAL ENTRY FOR THIS
| Truck #2 has a list price of $23,840 and is acquired for a down payment of $2,980 cash and a zero-interest-bearing note with a face amount of $20,860. The note is due April 1, 2018. Culver would normally have to pay interest at a rate of 10% for such a borrowing, and the dealership has an incremental borrowing rate of 8%. |
Homework Answers
| Trucks | 21,944.62 | |
| Discount on notes payable | 1,895.38 | |
| Cash | 2,980 | |
| Notes Payable | 20,860 | |
| 20,860 x 10% for one year, 20,860 x .90909 = 18,963.62 + 2,980=21,944.62 |
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