quiz4 - ACCT 3110-001 Fall Semester 2009 Quiz 4(10 points Submission Instructions 1 Submit the quiz by 5:00pm Thursday October 8 using the drop box

quiz4 - ACCT 3110-001 Fall Semester 2009 Quiz 4(10 points...

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ACCT 3110-001 Fall Semester 2009 Quiz 4 (10 points) Submission Instructions: 1. Submit the quiz by 5:00pm, Thursday, October 8 using the drop box posted to the class Blackboard page. Only quizzes submitted using drop box will be accepted. 2. The quiz must be submitted in a Word, Excel, or pdf file. Please show your calculations in support to your answers. 3. If you work with another student(s), each student must submit the quiz individually with all group names on the quiz submission. Please remember it is an act of academic dishonesty to submit a quiz that was worked on as a group without all group members names on it. Requirement A: On July 1, 2009, Jackson Inc. sold a parcel of undeveloped land to a construction company for $5,000,000. The book value of the land on Jackson’s books was $3,200,000. Terms of the sale require a $250,000 down payment and 19 annual payments of $250,000 plus interest at an appropriate rate due on each July 1 beginning in 2010.
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