Intermediate Quiz #3

Intermediate Quiz #3 - 12/31/2018 5,300 1424.68 1,523.57...

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5 a PV-OA=R(PVF-Oan,i) PV-OA=5300(PVF-O10,11%) PV-OA=5300(5.88923) 31,212.92 Notes Payable 53,000 Less:Carrying Value 31,212.92 Discount on N/P 21,787 31,212.92+22,600=53,812.92 Purchase of Special Tractor Date Description and Account Debit Credit 12/31/2010 Machine 53812.92 Discount On Notes Payable 21787.00 Notes Payable 53,000 Cash 22,600 B Amoritization Table Date Payment on Notes Payable Interest Expenst Discount Balance 12/31/2010 21,787.00 12/31/2011 5,300 3433.42 18,353.58 12/31/2012 5,300 3228.10 15,125.48 12/31/2013 5,300 3000.19 12,125.29 12/31/2014 5,300 2747.21 9,378.08 12/31/2015 5,300 2466.40 6,911.68 12/31/2016 5,300 2154.71 4,756.98 12/31/2017 5,300 1808.72 2,948.25
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Unformatted text preview: 12/31/2018 5,300 1424.68 1,523.57 12/31/2019 5,300 998.40 525.17 12/31/2019 5,300 525.22-0.05 First and Last Installment Payments Date Description and Account Debit Credit 12/31/2011 Notes Payable 5300.00 Cash 5,300 Interest Expense 3433.42 Discount on N/P 3433.42 12/31/2019 Notes Payable 5300.00 Cash 5300 Interest Expense 525.22 Discount on N/P 525.22 Principal Balance Notes Payable 31,212.92 53,000.00 29,346 47,700.00 27,274 42,400.00 24,975 37,100.00 22,422 31,800.00 19,588 26,500.00 16,443 21,200.00 12,952 15,900.00 9,076 10,600.00 4,775 5,300.00 0.00...
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This note was uploaded on 05/06/2010 for the course BUAD Buad 381 taught by Professor Proctor during the Spring '10 term at Morgan.

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Intermediate Quiz #3 - 12/31/2018 5,300 1424.68 1,523.57...

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