Precision Machining sold Winters Manufacturing a CNC lathe. The lathe was delivered on January 1,2023 and Precision received a note from Winters indicating that Winters will pay Precision $60,000 on a future date. Unless informed otherwise, assume that Precision views the time value of money component of this arrangement to be significant and that the relevant interest rate is 9%. Required: Fvis the ruture value Note: in order to return a positive value, the function must include a minus sign. 1) Assume the note indicates that Winters is to pay Precision the $60,000 due on the note on December 31,2023 . Complete the journal entry for Precision to record the sale on January 1,2023. 2) Assume the same facts as in requirement 1, and complete the journal entry for Precision to record collection of the payment on December 31,2023 . No adjusting entries were made during the year 3) Assume instead that Winters is to pay Precision the $60,000 due on the note on Decernber 31, 2024 . Complete the journal entry for Precision to record the sale on January 1,2023. Note: in order to return a positive value, the function must include a minus sign Assume the note indicates that Winters is to pay Precision the $60,000 due on the note on December 31, 2023. Complete the journal entry for Precision to record the sale on January 1,2023. Assume the same facts as in requirement 1 , and complete the journal entry for Precision to record collection of the payment on December 31,2023 . No adjusting entries were made during the vear. 3) Assume instead that Winters is to par Precision the $60,000 due on the note on December 31,2024 . Complete the journal entry for Precision to record the sale on January 1.2023 4) Assume instead that Precision does not view the time value of money component of this arrangement to be significant and that the note indicates that Winters is to pay Precision the $60,000 due on the note on December 31, 2023 Complete the journat entry for Prectsion to record the sate on January 1,2023. Precision Machining sold Winters Manufacturing a CNC lathe. The lathe was delvered on January 1 of the current year, and Precision received a note from Winters indicating that Winters wil pay Preciston $60,000 on a future date. Uniess informed othetwise, assume that Precision views the time value of money component of this arrangement to be significant and that the relevant interest rate is 9% Required: 1 Assume the note indicates that Winters is to pay Precision the $60,000 due on the note on December 31 of the current year Complete the journal entry for Precision to record the sale on January 1 of the currem yeat. 2. Assume the same focts as in requirement 1, and complete the journat entry for Preciston to fecord collection of the payment on December 31 of the current year 3. Assume instead that Winters is to pay Precision the $60,000 due on the note on December at of the subsequent year Complete the journal entry for Precision to record the sale on January 1 af the current yeat 4. Assume instead that Precision does not view the time value of money component of this arrangement to be significant and that the note indicates that Winters is to pay Precision the $60,000 due on the note on December 31 of the current year. Complete the journal entry for Precision to record the sale on January fof the current year: Novigation: 1 Use the Open Excel in New Tab button to lounch this question 2. When finished in Excet, use the Sove ond Return to Assignment button in the lower right to teturn to Connect Precision Machining sold Winters Manufacturing a CNC lathe. The lathe was delivered on January 1,2023 and Precision received a note from Winters indicating that Winters will pay Precision $60,000 on a future date. Unless informed otherwise, assume that Precision views the time value of money component of this arrangement to be significant and that the relevant interest rate is 9%. Required: Fvis the ruture value Note: in order to return a positive value, the function must include a minus sign. 1) Assume the note indicates that Winters is to pay Precision the $60,000 due on the note on December 31,2023 . Complete the journal entry for Precision to record the sale on January 1,2023. 2) Assume the same facts as in requirement 1, and complete the journal entry for Precision to record collection of the payment on December 31,2023 . No adjusting entries were made during the year 3) Assume instead that Winters is to pay Precision the $60,000 due on the note on Decernber 31, 2024 . Complete the journal entry for Precision to record the sale on January 1,2023. Note: in order to return a positive value, the function must include a minus sign Assume the note indicates that Winters is to pay Precision the $60,000 due on the note on December 31, 2023. Complete the journal entry for Precision to record the sale on January 1,2023. Assume the same facts as in requirement 1 , and complete the journal entry for Precision to record collection of the payment on December 31,2023 . No adjusting entries were made during the vear. 3) Assume instead that Winters is to par Precision the $60,000 due on the note on December 31,2024 . Complete the journal entry for Precision to record the sale on January 1.2023 4) Assume instead that Precision does not view the time value of money component of this arrangement to be significant and that the note indicates that Winters is to pay Precision the $60,000 due on the note on December 31, 2023 Complete the journat entry for Prectsion to record the sate on January 1,2023. Precision Machining sold Winters Manufacturing a CNC lathe. The lathe was delvered on January 1 of the current year, and Precision received a note from Winters indicating that Winters wil pay Preciston $60,000 on a future date. Uniess informed othetwise, assume that Precision views the time value of money component of this arrangement to be significant and that the relevant interest rate is 9% Required: 1 Assume the note indicates that Winters is to pay Precision the $60,000 due on the note on December 31 of the current year Complete the journal entry for Precision to record the sale on January 1 of the currem yeat. 2. Assume the same focts as in requirement 1, and complete the journat entry for Preciston to fecord collection of the payment on December 31 of the current year 3. Assume instead that Winters is to pay Precision the $60,000 due on the note on December at of the subsequent year Complete the journal entry for Precision to record the sale on January 1 af the current yeat 4. Assume instead that Precision does not view the time value of money component of this arrangement to be significant and that the note indicates that Winters is to pay Precision the $60,000 due on the note on December 31 of the current year. Complete the journal entry for Precision to record the sale on January fof the current year: Novigation: 1 Use the Open Excel in New Tab button to lounch this question 2. When finished in Excet, use the Sove ond Return to Assignment button in the lower right to teturn to Connect
