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On January 1, 2023, the Yacaman Company accepted a 3-year non-interest-bearing note from Thomas Inc for the sale of land. Thomas will pay $300,000 at
On January 1, 2023, the Yacaman Company accepted a 3-year non-interest-bearing note from Thomas Inc for the sale of land. Thomas will pay $300,000 at the end of each year of the loan. Yacaman checked the Dunn \& Bradstreet credit reports on Thomas and determined that an appropriate interest rate to impute on this note would be 7%. a. Record the sale for Yacaman. SHOW YOUR LABELLED CALCULATIONS! b. Prepare an amortization table for the loan by Yacaman. You may do this on Excel, but also send me your Excel file with your name on it. c. Write the journal entry(ies) required at December 31, 2024. d. If instead, the loan was set up for Thomas to make its first payment on 1/1/23, write the journal entry for the sale. SHOW YOUR LABELLED CALCULATIONS! e. Would Thomas pay more or less cash (and by how much) in total to Yacaman under version a than version d? SHOW YOUR LABELLED CALCULATIONS! f. Why would anyone ever accept a non-interest-bearing
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