Question
On January 1, 2014, Munro Inc. purchased a new truck by signing a two-year non-interest bearing note for $24,000. The implied rate of interest is
On January 1, 2014, Munro Inc. purchased a new truck by signing a two-year non-interest bearing note for $24,000. The implied rate of interest is 12% compounded annually.
a. Record the purchase of the truck.
b. Record Interest Expense for 2014.
c. Determine the Carrying Value at year-end (December 31, 2014): $ ____________________
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Anti Fraud Risk And Control Workbook
Authors: Peter Goldmann, Hilton Kaufman
1st Edition
0470496533, 978-0470496534
