PART A (Schedule 1): On January 1, 2008, Border Company purchased a truck. The company signed a note agreeing to pay $300,000 on December 31, 2012 (i.e. single large payment). The market interest rate on January 1, 2008 for this note was 11%. The market interest rates at the end of 2008, 2009, 2010, 2011, and 2012 for this note were 9%, 10%, 9%, 11%, and 12%, respectively.
1. Prepare the journal entry to record the purchase of the truck (round up to the nearest dollar).
2. Prepare the journal entry on December 31, 2009.
3. Prepare the journal entry on December 31, 2012.
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