Purchased a piece of equipment worth $3,170,000. The terms of financing on the purchase call for annual
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Question:
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Purchased a piece of equipment worth $3,170,000. The terms of financing on the purchase call for annual payments starting 12 months from the purchase date of $1,000,000 each for 4 years. The implied interest rate is 10%.
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Record the sale.
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Record the amortization table for the note.
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If the date of the sale was June 30, 2016, how much interest would have been paid in 2017?
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Record the December 31, 2016 adjusting entry.
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