Whether a contingent liability is recorded depends on whether the future event will probably occur and can be _________________ estimated.

Question 2 options:

	Precisely
	Reasonably
	Roughly

Question 2 (1 point) Whether a contingent liability is recorded depends on whether the future event will probably occur and can be estimated. Precisely Reasonably Roughly Question 3 (1 point) On July 1st, 2016, Alligator Supplies Inc. purchased a large piece of machinery for $1,420,000. The firm borrowed 85% of the money for the machinery from a bank and paid the remaining amount in cash. The bank gave the firm a loan requiring semiannual payments of $277,850 with a semiannual interest rate of 4%. Alligator Supplies records interest semiannually. What is the value of the note payable recorded on July 1st, 2016? Your Answer: Answer Question 4 (1 point) On July 1st, 2016, Alligator Supplies Inc. purchased a large piece of machinery for $1,790,000. The firm borrowed 70% of the money for the machinery from a bank and paid the remaining amount in cash. The bank gave the firm a loan requiring semiannual payments of $260,350 with a semiannual interest rate of 2%. Alligator Supplies records interest semiannually. What is the reduction in the note payable recorded by the firm on December 31st, 2016? Your Answer: Question 5 (1 point) On July 1st, 2016, Alligator Supplies Inc. purchased a large piece of machinery for $1,360,000. The firm borrowed 85% of the money for the machinery from a bank and paid the remaining amount in cash. The bank gave the firm a loan requiring semiannual payments of $146,100 with a semiannual interest rate of 8%. Alligator Supplies records interest semiannually. What is the value of the equipment recorded on July 1st, 2016? Your Answer: Answer Question 7 (1 point) On July 1st, 2016, Alligator Supplies Inc. purchased a large piece of machinery for $1,000,000. The firm borrowed 90% of the money for the machinery from a bank and paid the remaining amount in cash. The bank gave the firm a 15-year loan requiring semiannual payments of $52,047 with a semiannual interest rate of 4%. Alligator Supplies records interest semiannually. How are liabilities effected on December 31, 2016? Increased Decreased No Change