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Intermediate Accounting Chapter 14 RE. 14-14 On January 1, Boater Company issues a $20,000 non-interest-bearing, 5-year note for equipment. Neither the fair value of the

Intermediate Accounting Chapter 14 RE. 14-14

On January 1, Boater Company issues a $20,000 non-interest-bearing, 5-year note for equipment. Neither the fair value of the note nor the equipment is determinable. Boaters incremental borrowing rate is 9%. The asset has a useful life of 7 years. Required: Prepare the journal entry for Boater to record the issuance of the note on January 1.

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