All note payments include interest Requirements Record the 1 1 14 transaction for Fishbone Corporation and all necessary entries from 2014 2016 Record the 1 1 14 transaction for Lost Company and all necessary entries from 2014 2016 1 On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale Fishbone received as consideration a $240,000 non interest bearing note due on December 31, 2016 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000 Fishbone received as consideration a down payment of $100,000 and a $240,000 note, (which includes accrued interest 5 ), due on December 31, 2016 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale Fishbone received as consideration a 5 interest bearing note requiring payments of $80,000 annually for 3 years The first note payment is to be made on January 1, 2014 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000 Fishbone received as consideration a non interest bearing note requiring payments of $80,000 annually for 3 years The first note payment is to be made on December 31, 2014 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale Fishbone received as consideration a 5 interest bearing note requiring payments of $80,000 annually for 3 years The first note payment is to be made on December 31, 2014 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale Fishbone received as consideration a down payment of $100,000 and a $240,000 note, (which includes accrued interest 5 ), due on December 31, 2016 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale Fishbone received as consideration a non interest bearing note requiring payments of $80,000 annually for 3 years The first note payment is to be made on January 1, 2014 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000 Fishbone received as consideration a 5 interest bearing note requiring payments of $80,000 annually for 3 years The first note payment is to be made on December 31, 2014 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000 Fishbone received as consideration a non interest bearing note requiring payments of $80,000 annually for 3 years The first note payment is to be made on January 1, 2014 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale Fishbone received as consideration a non interest bearing note requiring payments of $80,000 annually for 3 years The first note payment is to be made on December 31, 2014 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale Fishbone received as consideration a down payment of $100,000 and a $240,000 non interest bearing note due on December 31, 2016 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000 Fishbone received as consideration a down payment of $100,000 and a 5 interest bearing note requiring payments of $80,000 annually for 3 years The first note payment is to be made on December 31, 2014 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000 Fishbone received as consideration a $240,000 non interest bearing note due on December 31, 2016 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000 Fishbone received as consideration a down payment of $100,000 and a $240,000 non interest bearing note due on December 31, 2016 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000 Fishbone received as consideration a down payment of $100,000 non interest bearing note requiring payments of $80,000 annually for 3 years The first note payment is to be made on December 31, 2014 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale Fishbone received as consideration a down payment of $100,000 and a non interest bearing note requiring payments of $80,000 annually for 3 years The first note payment is to be made on December 31, 2014 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale Fishbone received as consideration a $240,000 note, (which includes accrued interest 5 ), due on December 31, 2016 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000 Fishbone received as consideration a 5 interest bearing note requiring payments of $80,000 annually for 3 years The first note payment is to be made on January 1, 2014 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000 Fishbone received as consideration a $240,000 note (which includes accrued interest 5 ), due on December 31, 2016 The prevailing rate of interest for a note of this type on January 1, 2014, was 5 On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale Fishbone received as consideration a down payment of $100,000 and a 5 interest bearing note requiring payments of $80,000 annually for 3 years The first note payment is to be made on December 31, 2014 The prevailing rate of interest for a note of this type on January 1, 2014, was 5

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All note payments include interest. Requirements: Record the 1/1/14 transaction for Fishbone Corporation and all necessary entries from 2014-2016. Record the 1/1/14 transaction for Lost

All note payments include interest.

Requirements:

Record the 1/1/14 transaction for Fishbone Corporation and all necessary entries from 2014-2016.

Record the 1/1/14 transaction for Lost Company and all necessary entries from 2014-2016.

1.On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a $240,000 non-interest-bearing note due on December 31, 2016. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000. Fishbone received as consideration a down payment of $100,000 and a $240,000 note, (which includes accrued interest @ 5%), due on December 31, 2016. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a 5% interest-bearing note requiring payments of $80,000 annually for 3 years. The first note payment is to be made on January 1, 2014. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000. Fishbone received as consideration a non-interest-bearing note requiring payments of $80,000 annually for 3 years. The first note payment is to be made on December 31, 2014. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a 5% interest-bearing note requiring payments of $80,000 annually for 3 years. The first note payment is to be made on December 31, 2014. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a down payment of $100,000 and a $240,000 note, (which includes accrued interest @ 5%), due on December 31, 2016. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a non-interest-bearing note requiring payments of $80,000 annually for 3 years. The first note payment is to be made on January 1, 2014. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000. Fishbone received as consideration a 5% interest-bearing note requiring payments of $80,000 annually for 3 years. The first note payment is to be made on December 31, 2014. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000. Fishbone received as consideration a non-interest-bearing note requiring payments of $80,000 annually for 3 years. The first note payment is to be made on January 1, 2014. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a non-interest-bearing note requiring payments of $80,000 annually for 3 years. The first note payment is to be made on December 31, 2014. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a down payment of $100,000 and a $240,000 non-interest-bearing note due on December 31, 2016. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000. Fishbone received as consideration a down payment of $100,000 and a 5% interest-bearing note requiring payments of $80,000 annually for 3 years. The first note payment is to be made on December 31, 2014. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000. Fishbone received as consideration a $240,000 non-interest-bearing note due on December 31, 2016.. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000. Fishbone received as consideration a down payment of $100,000 and a $240,000 non-interest-bearing note due on December 31, 2016. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000. Fishbone received as consideration a down payment of $100,000 non-interest-bearing note requiring payments of $80,000 annually for 3 years. The first note payment is to be made on December 31, 2014. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a down payment of $100,000 and a non-interest-bearing note requiring payments of $80,000 annually for 3 years. The first note payment is to be made on December 31, 2014. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a $240,000 note, (which includes accrued interest @ 5%), due on December 31, 2016. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000. Fishbone received as consideration a 5% interest-bearing note requiring payments of $80,000 annually for 3 years. The first note payment is to be made on January 1, 2014. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation (an equipment manufacturer) sold equipment to Lost Company that cost $150,000. Fishbone received as consideration a $240,000 note (which includes accrued interest @ 5%), due on December 31, 2016. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.
On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a down payment of $100,000 and a 5% interest-bearing note requiring payments of $80,000 annually for 3 years. The first note payment is to be made on December 31, 2014. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.