Hi, Please help me figure out how to work out the interest, thank you! On January 1,
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Hi, Please help me figure out how to work out the interest, thank you!
On January 1, 2012, a company purchased a machine that had a list price of $23,500. The purchase terms agreed upon were: cash down payment $12,000 plus a 15% note payable of $9,132 (its present value). The note is payable in three equal annual instalments(interest plus principal) on each December 31. Round to the nearest dollar.
1.Give the entry to record the acquisition of the machine;
2.Give the adjusting entry required on September 30, 2013, for interest assuming this is the end of the accounting period.
Posted Date: