Lubbock Corporation acquires machinery from South Company in exchange for a $20,000 non-interest-bearing, 5-year note on June
Question:
Lubbock Corporation acquires machinery from South Company in exchange for a $20,000 non-interest-bearing, 5-year note on June 30, 2019. The note is due on June 30, 2024. The machinery has a fair value of $11,348.54, is subject to straight-line depreciation, and has an estimated life of 10 years (no residual value). Lubbock’s fiscal year ends June 30.
Required:
Prepare the journal entries on each of the following dates to record the preceding information for Lubbock:
1. June 30, 2019
2. June 30, 2020
3. June 30, 2021
4. June 30, 2022
5. June 30, 2023
6. June 30, 2024
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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1 2019 June 30 Machinery 1134854 Discount on Notes Payable 865146 Notes Payable 2000000 Present Valu...View the full answer
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Related Book For 
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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