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please help! due tonight! Problem 14-13 (Algo) Note and installment note with unrealistic interest rate [LO14-3] Braxton Technologies, Inc, constructed a conveyor for A&G Warehousers
please help! due tonight!
Problem 14-13 (Algo) Note and installment note with unrealistic interest rate [LO14-3] Braxton Technologies, Inc, constructed a conveyor for A\&G Warehousers that was completed and ready for use on January 1,2021 A\&G paid for the conveyor by issuing a $125,000, four-year note that specilied 8% interest to be paid on December 31 of each year, and the note is to be repaid at the end of four years. The conveyor was custom-built for A\&G, so its cash price was unknown. By comparison with similar transactions it was determined that a reasonable interest rate was 12\%. IFV of S1. PV of \$1. EVA of \$1. PVA of \$1. FVAD of \$1 and PVAD of \$1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for A\&G's purchase of the conveyor on January 1,2021. 2. Prepare an amortization schedule for the four-year term of the note. 3. Prepare the journal entry for A\&G's third interest payment on December 31,2023. 4.If A\& G 's note had been an installment note to be paid in four equal payments at the end of each year beginning December 31,2021 what would be the amount of each instaliment? 5. By considering the installment payment of requirement 4, prepare an amortization schedule for the four-year term of the installment note. 6. Prepare the journal entry for A\&G's third installment payment on December 31,2023. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Prepare the journal entry for A8G's purchase of the conveyor on January 1, 2021. (It no entry is required for a transactionvevent, Helect "No journal entry required" in the first account field. Round intermedlate calculations and finat answers to the neareat whole dollac) b. By considering the installment payment of requirement 4. prepare an amortization schedule tor the tour-year term of the instatime note. 6. Prepare the journal entry for A\&G's third installment payment on December 31,2023. Complete this question by entering your answers in the tabs below. Prepare an amortization schedule for the four-year term of the note. (Round intermediate calcutations and final answers to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. Prepare the journal entry for A\&G's third interest payment on December 31 , 2023. (If no entry is required for a traneaction/event, select "No journal entry required" in the first account field. Round intermediate calculations and final answers to the nearegt whole dollar.) 6. Prepare the joumal entry for A\&G's third installment payment on December 31,2023. Complete this question by entering your answers in the tabs below. If A8.G's note had been an installment note to be paid in four equal payments at the end of each year beginning December 31. 2021, what would be the amount of each installment? (Round intermedlate calculations and final answer to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. By considering the installment payment of requirement 4, prepare an amortization schedule for the four-year term of the installment note. (Round intermediate calculations and final answers to the nearest whole dollar.) 5. By considering the installment payment of requirement 4, prepare an amortization schedule for the tour-year term of the instaliment note. 6. Prepare the journal entry for ARG's third installment payment on December 31,2023. Complete this question by entering your answers in the tabs below. Prepare the journal entry for A8G's third installment payment on December 31,2023 . (If no entry is required for a transaction/evont, select "No journal entry required" in the first account field. Round intermediate calculations and final answers to the nearest whole dollar.) Step by Step Solution
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