es a 4% sales tax that must be a. During December, cash sales totaled $850,000 which includes a 4% sales remitted by the 15th day of the following month. b. On April 1, the company bought a truck for $40,000, paying $5,000 in cash ane 1 year 5% note for the balance. coin cash and signing, a Create all appropriate journal entries. Prepare any adjusting entries required on December 31. Gilbert Company issues $410,000. 9% bonds due in 11 years with interest payable annually. At the time of issue, the market rate for the bonds is 10%. Compute the issue price of the bonds. Assume the following- present value= 56344 Table 6-2 n=11 i=9% Table 6-2 n=11 i=10% Table 6-4 n=11 i=9% present value= .34185 present value= 7.18100 future value= .46565 future value= .36578 Table 6-4 n=11 i=10% present value= 7.16300 future value= 6.5432 future value= 6.3232