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please answer these two thank you On July 1, 2020. Vaughn Ltd. borrowed $18,000 by signing a two-year, 3% note payable. The note is payable
please answer these two thank you On July 1, 2020. Vaughn Ltd. borrowed $18,000 by signing a two-year, 3% note payable. The note is payable in two annual instalments of $9.407 on June 30. The company records adjusting journal entries annually at year end on December 31. (a) Prepare an instalment payment schedule for the term of the note. (Round answers to the nearest whole dollar, eg. 5.255.) Annual nterest feriod Cash Payment Interest Expense Reduction of Principal Principal Balar uly 1 2020 $ une 0. 2021 $ $ $ une 10. 022 Crane Limited purchased a machine on account on April 1, 2021, at an invoice price of $325,020. On April 2, it paid $1,820 for delivery of the machine. A one-year, $3,940 insurance policy on the machine was purchased on April 5. On April 19. Crane paid $8,150 for installation and testing of the machine. The machine was ready for use on April 30. Crane estimates the machine's useful life will be five years or 6,326 units with a residual value of $81.460. Assume the machine produces the following numbers of units each year: 999 units in 2021: 1,507 units in 2022: 1.436 units in 2023; 1,364 units in 2024; and 1,020 units in 2025. Crane has a December 31 year end. (a) Determine the cost of the machine. Cost of the machine $
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