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please help with the journal entries! i need help with the journal entries On january 1 of Year 1, Steath Company sold a mychine iciasufied
please help with the journal entries!
i need help with the journal entries
On january 1 of Year 1, Steath Company sold a mychine iciasufied as imventory) that had a las price of 518,000 . The customer puid s3,000 cash and vigned a three-year, s15,000 note that specified a stated rate of 3%. Annual interest on the full ameunt of the principal is pyable each December 31. The principal a pyyable on December 31 , three years later. The markec rate for a note of this nisk is 104 Required a. Compute the present value of this note. b. Prepare an effectve interets schedule for this note c. Prepare entres required by Steuth for thes note on january 1 of Yea 1, and December 31 of Year 1, Year 2 a and year 3 - Nore: Round answers to the neareu whole dolar a. Fresent value of note: 1 Step by Step Solution
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