ent #12 (1) - Word Search Mailings Review View Help Acrobat E ALI 1 Normal 1 No Spac... Heading 1 Heading 2 Title Paragraph Styles Required: Prepare a spreadsheet with separate worhsheets for problems 12a and 12b. Be sure to format your numbers and carefully label your answers and account names. The due date for this assignment has been moved to 1:00 PN, Tuesday, May 19, 2020. In-class assignment #12a Exide Corp has negotiated the sale of a machine to Rocky Boat on 5/1/2017 for $860,000. Rocky Boat has agreed to pay $160,000 down but wants to pay off the remainder of the purchase price in installments on 4/30 of each of the next five years. Exide bought the machine four years ago on May first for $1,000,000. The machine had an expected life of ten years and an expected salvage value of $100,000. A reasonable rate of interest for Rocky would be 8% First calculate the value of the payments and then, make the required journal entry to record the sale on 5/1/2017, any required journal entries on 12/31/2017, and indicate how this transaction would be reflected in XYZ's 12/31/2017 income statement and balance sheet. rences Mailings Review View Help Acrobat A EELT cer | el 1 Normal 1 No SpacHeading 1 "Heading 2 Title Paragraph In-class assignment #12b Styles You have been requested to construct an aging schedule and a desired ending balance in the allowance for doubtful accounts." You are also required to make any required journal entries. The current balance in the allowance for doubtful accounts is $45,000 You have also just received a payment of $6,500 from a customer whose account had been written off last month. . I XYZ Company Accounts Receivable As of 12/31/2016 Status Ammount Due Chance of Collection Desired albwance amount Current 250,000 97% 31-60 days 100,000 90% 61-90 days 75,000 70% 91-120 days 45,000 50% 121 days + 25,000 0% 495,000 o BI e 99+