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Unformatted text preview: ions that 12% was a reas onable rate of interes t.
(FV of $1, PV of $1, FV A of $1, PV A of $1, FV A D of $1 and PV A D of $1) (Use a ppropria te fa ctor(s) from the
ta ble s provide d.)
Re quire d:
1.1 Complete the below table to prepare the c ompany 's journal entry . ezto.mhecloud.mcg r aw- hill.com/hm_accounting .tpx?todo= pr intviewSing le 2/4 2/25/14 Assig nment Pr int View Ta ble va lue s a re ba se d on:
n= 3 i= 12.0% Ca sh Flow Am ount Interes t $ Princ ipal $ Pre se nt Va lue 24,000 $
$ Pric e of mac hinery 57,644
484,712 1.2 Prepare the journal entry on January 1, 2013, for Amber Mining and Milling’s purc has e of the lathe. (If
no journa l e ntry is re quire d for a e ve nt, se le ct "No journa l e ntry re quire d" in the first a ccount
fie ld.) Eve nt
1 Ge ne ra l Journa l De bit Mac hinery 484,712+/ -1 3 Dis c ount on notes pay able Cre dit 115,288+/ -1 3 Notes pay able 600,000 2. Prepare an amortiz ation s c hedule for the three-y ear term of the note. 3. Prepare the journal entries to rec ord (a) interes t for eac h of the three y ears and (b) pay ment of the note
at maturity . (If no journa l e ntry is re quire d for a e ve nt, se le ct "No journa l e ntry re quire d" in the
first a ccount fie ld.) Explanation:
ezto.mhecloud.mcg r aw- hill.com/hm_accounting .tpx?todo= pr intviewSing le 3/4 2/25/14 Assig nment Pr int View Interes t
Princ ipal $24,000¥
× 2.40183 *
0.71178 ** =
= $ 57,644
$ 427,068 Pres ent value (pric e) of t...
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This homework help was uploaded on 03/22/2014 for the course ACC 3000 taught by Professor He during the Fall '09 term at CUNY Baruch.
- Fall '09