{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T09:22:12-04:00", "answer_date": "2024-06-28 09:22:12", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4282590", "url": "\/study-help\/questions\/question-3-on-1-july-2019-bronzed-aussie-ltd-sells-4282590", "question_creation_date_js": "2024-06-28T09:22:12-04:00", "question_creation_date": "Jun 28, 2024 09:22 AM", "meta_title": "[Solved] Question 3 On 1 July 2019, Bronzed Aussie | SolutionInn", "meta_description": "Answer of - Question 3 On 1 July 2019, Bronzed Aussie Ltd sells a caravan to Cairns Ltd. The caravan has a nonnal sales price of $ | SolutionInn", "meta_keywords": "question,3,1,july,2019,bronzed,aussie,ltd,sells,caravan,cairns,nonnal", "question_title_h1": "Question 3 On 1 July 2019, Bronzed Aussie Ltd sells a caravan to Cairns Ltd. The caravan has a nonnal sales price of $16846. Rather", "question_title": "Question 3 On 1 July 2019, Bronzed Aussie Ltd sells a caravan", "question_title_for_js_snippet": "Question 3 On 1 July 2019, Bronzed Aussie Ltd sells a caravan to Cairns Ltd The caravan has a nonnal sales price of $16846 Rather than selling the item for its normal sales price, Bronzed Aussie Ltd sells the caravan for four annual payments of $5200 per year, the rst payment to be made on 30 June 2020 The difference between the gross receipts and the current sales price represents interest revenue to be earned by Bronzed Aussie Ltd over the period of the agreement REQUIRED 1 Determine what rate of interest is implicit in the agreement 2 Provide the journal entries for Bronzed Aussie Ltd for the years ending 30 june 2020 and 2021, using a the netinterest method and b the gross method", "question_description": "
\"image<\/div><\/div><\/div> Question 3 On 1 July 2019, Bronzed Aussie Ltd sells a caravan to Cairns Ltd. The caravan has a nonnal sales price of $16846. Rather than selling the item for its normal sales price, Bronzed Aussie Ltd sells the caravan for four annual payments of $5200 per year, the rst payment to be made on 30 June 2020. The difference between the gross receipts and the current sales price represents interest revenue to be earned by Bronzed Aussie Ltd over the period of the agreement. REQUIRED: 1. Determine what rate of interest is implicit in the agreement. 2. Provide the journal entries for Bronzed Aussie Ltd for the years ending 30 june 2020 and 2021, using a. the netinterest method and b. the gross method", "transcribed_text": "", "related_book": { "title": "Core Macroeconomics", "isbn": "978-1429278478, 1429278471, 978-1429278492, 1429278498, 1464191433, 978-1464191435", "edition": "3rd edition", "authors": "Eric Chiang", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/648.jpg", "uri": "\/textbooks\/core-macroeconomics-3rd-edition-648", "see_more_uri": "" }, "free_related_book": { "isbn": "9400736878", "uri": "\/textbooks\/novel-algorithms-for-fast-statistical-analysis-of-scaled-circuits-2009-edition-978-9400736870-306338", "name": "Novel Algorithms For Fast Statistical Analysis Of Scaled Circuits", "edition": "2009 Edition" }, "question_posted": "2024-06-28 09:22:12", "see_more_questions_link": "\/study-help\/questions\/business-management-leadership-2023-June-05", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/bronson-inc-is-a-retailer-of-sporting-goods-bronsons-beginning", "description": "Bronson Inc. is a retailer of sporting goods. 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