Question
A company purchased equipment and signed a 6-year installment loan at 7% annual interest. The annual payments equal $11,749. The present value factor for an
A company purchased equipment and signed a 6-year installment loan at 7% annual interest. The annual payments equal $11,749. The present value factor for an annuity for seven years at 7% is 4.7665. What value for this equipment should be recorded on the company's books on the day the contract is signed?
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The Process Auditing And Techniques Guide
Authors: J.P. Russell
2nd Edition
087389782X, 978-0873897822
