Question
Following is select information from the accounting records of Nash Inc. Additional information 1. On January 2, Nash Corp. sold equipment with an original cost
Following is select information from the accounting records of Nash Inc. Additional information 1. On January 2, Nash Corp. sold equipment with an original cost of $900 and with a carrying value of $525 for $735 cash. 2. Equipment with a cost of $3,000 was acquired through issuance of a $3,000 note payable (included in the ending balance of note payable on the balance sheet). The remaining equipment purchases were made in cash. 3. The company signed a long-term note payable for $7,500 cash. Enter information in the investing activities section, financing activities section, and in the note disclosure for the property, plant, and equipment and long-term debt transactions. Note: Use a negative sign with an amount that would be subtracted in the Investing or Financing Section.
Following is select information from the accounting records of Nash Inc. Additional information 1. On January 2, Nash Corp. sold equipment with an original cost of $900 and with a carrying value of $525 for $735 cash. 2. Equipment with a cost of $3,000 was acquired through issuance of a $3,000 note payable (included in the ending balance of note payable on the balance sheet). The remaining equipment purchases were made in cash. 3. The company signed a long-term note payable for $7,500 cash. Enter information in the investing activities section, financing activities section, and in the note disclosure for the property, plant, and equipment and long-term debt transactions. - Note: Use a negative sign with an amount that would be subtracted in the Investing Financing Section. Noncash disclosure: Purchased equipment for $ through payment of cash for $ and issuance of an interest-bearing note payable for \$
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