Answered step by step
Verified Expert Solution
Question
1 Approved Answer
reruteu to ne sume Information On December 31, 2019, Flint Corporation sold for 75,000 an old machine having an original cost of 135,000 and a
reruteu to ne sume Information On December 31, 2019, Flint Corporation sold for 75,000 an old machine having an original cost of 135,000 and a book value of 60,000, and accepted 2-year note receivable of 100,000,7% payable semi-annually, in exchange. 8% would be a fair rate for this type of transaction. 1- What should be the amount of the notes receivable recorded on December 31, 2019 rounded to the nearest dollar? a. 0 b. 98,185 c. 100,000 d. 101,859 2- What should be the amount of the interest revenue for the year 2020 rounded to the nearest dollar? a. 5,098 b. 6,098 C. 6,872 d. 7,872 3- The amount of the note carrying amount as of December 31, 2021 rounded to the nearest dollar is
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started