Riley, Inc., a calendar year firm, buys equipment, signing a 3 year, $750,000, non-interest bearing note, on 9/30/20A.The equipment has a fair value at signing of $629,715.Please provide the entry for the initial purchase for Riley.What is the entry for interest accrued on the note at 12/31/20A?What is Riley's incremental borrowing rate at signing?Interest is accrued annually.

9/30/20A Entry:

12/31/20A entry:

What entry is made on 9/30/20B?

What is the present value of the note after the accrual for interest on 9/30/20B?

Answer rating: 100% (QA)

1 Entry for the initial purchase on 93020A Equipment Asset 629715 Discount on Notes Payable 120285 7... View the full answer