Hint cons ider both the annual interes t pay ments

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Unformatted text preview: Cons ider both the annual interes t pay ments and the maturity value of the note.) (Round your PV fa ctor to 3 de cim a l pla ce s a nd fina l a nsw e r to the ne a re st dolla r a m ount. Om it the "$" sign in your re sponse .) Pres ent value $ 648,864 b. Prepare the journal entry on Dec ember 31 to rec ord the s ale of the land c orrec tly . (Round your PV fa ctor to 3 de cim a l pla ce s a nd fina l a nsw e rs to the ne a re st dolla r a m ount. Om it the "$" sign in your re sponse .) Date Dec . 31 Ca sh General Journal Debit 150,000 Note s re ce iva ble 648,864 Loss on sa le of la nd La nd Credit 131,136 930,000 c-1 Ex plain what effec ts the error made by Ric hland Farms 's ac c ountant will have on the net inc ome in the y ear of the s ale. Ignore inc ome tax es . (Om it the "$" sign in your re sponse .) Net inc ome for the y ear of the s ale will be ove rsta te d by $ 251,136 . c-2 Ex plain what effec ts the error made by Ric hland Farms 's ac c ountant will have on the c ombined net inc ome of the nex t five...
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This note was uploaded on 01/30/2014 for the course ACC 111 taught by Professor Angela during the Fall '08 term at Delaware County CC.

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