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On 1st of January 2018 Blink Ld. purchased a new truck to be used for the delivery of the merchandises produced by the company. The
On 1st of January 2018 Blink Ld. purchased a new truck to be used for the delivery of the merchandises produced by the company.
The price paid was $175,000. The residual value of the truck was estimated to $5,000 and the useful life to 9 years.
On 31st of December 2020 the company sold the truck for $107,000.
On 31st of December, Blink, Ltd obtained a 18 months loan from the bank for $200,000. Interest rate is 6%. The company will face monthly installment payments of $2,000 as from January 1st 2020.
Calculate the remaining unpaid balance of the loan at 28th of February 2021. Explain your calculation. 20 points
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Financial And Managerial Accounting 9th Edition Bycrosson
Authors: Crosson
9th Edition
B00650OLZE
