2001 for a value of $75,000. If the Company had barrowed money from the bank it w outd 8%. What is the value of the crane at the date of purchase? O $55,127 O $51,044 O $75,000 O $81,000
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- 22. A company purchased land by signing a note with the seller, requiring down payment of P100,000, payment of P120,000 one year from purchase, and P80,000 three years from purchase. The note is non-interest bearing, but the going rate of similar notes is 10%. Present value of 1 at 10% for 1 period is 0.91. Present value of 1 at 10% for 3 periods is 0.75.On January 1, 20X1, Washable Rug Company purchased a piece of equipment by signing a note with a below market rate of interest. The facts of the transaction are shown below. Note payable $ 300,000 5 Note term Coupon rate Market rate 3.00% 10.379% The note is due in equal annual payments of principle and interest. Q1. What is the value of the equipment recorded at time of purchase? Q2. What is the interest expense for the year ending December 31, 20X1?On December 31, 2022, Shamrock plc acquired a computer from Plato Group by issuing a £606,000 zero-interest-bearing note, payable in full on December 31, 2026. Shamrock's credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a £65,000 residual value. (a) Prepare the journal entry for the purchase on December 31, 2022. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to O decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date December 31, 2022 Account Titles and Explanation Debit Credit
- On January 1, 2021, Kongguksu Co. acquired an equipment by issuing two-year, noninterest bearing note amounting to P1,000,000. The prevailing interest rate of the note is 12%. Assuming the equipment has no cash price equivalent, how much is the cost of equipment? (Use 4-decimal places)Required to answer. Single choice.What is the carrying amount of the note as of December 31, 2022? On January 1, 2022. TGIG sold equipment with a historical cost of P10,000,000 and accumulated depreciation of P5,500,000 in exchange for a P6,000,000 non-interest-bearing note due in annual installments as follows: December 31. 2022 - 3, 000, 000 December 31, 2023 - 2, 000, 000 December 31 2024 - 1, 000, 000 There was no exchange price for the equipment. The prevailing rate of interest for a note of this type on January 1, 2022, was 10%. (Round off present value factors to four decimal places.What is the carrying amount of the note as of December 31, 2022? On January 1, 2022. TGIG sold equipment with historical cost of P10,000,000 and accumulated depreciation of P5,500,000 in exchange for a P6,000,000 non-interest bearing note due in annual installments as follows: December 31, 2022 - P3,000,000 December 31, 2023 - P2,000,000 December 31, 2024 - P1,000,000 There was no exchange price for the equipment. The prevailing rate of interest for a note of this type on January 1, 2022 was 10%. (Round off present value factors to four decimal places.)
- Teal plc purchased a truck by issuing an £86,400, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit CreditWindsor Company borrowed €1625000 from BankTwo on January 1, 2019, in order to expand its mining capabilities. The five-year note required annual payments of €422500 and carried an annual interest rate of 9.00%. What is the balance in the notes payable account at December 31, 2020, after the annual payment? €1047638 €1332500 €1348750 €1625000Pearl plc purchased a truck by issuing an £76,800, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 6%. Prepare the journal entry to record the purchase of this truck. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
- (1) On 31/12 / 20Χ0 the company V Corporation acquired a machine on credit. For the repayment, the company will pay an amount of € 7,000 on 31/12 / 20X0, an amount of € 5,000 on 31/12 / 20X1 and an amount of € 5,000 on 31/12 / 20X2.The usual credit terms are the full repayment of the price with the purchase. The annual market rate for these cases is 14%. Relevant calendar entries are requested assuming that V Corporation complies with IAS.Cambodia Company purchased a machinery on December 31, 2020, paying P80,000 and issuing a P240,000 noninterest bearing note agreeing to pay the balance in four equal installments of P60,000 payable each December 31. The effective interest rate at the date of purchase is assumed to be at 12%. (use 5-decimal places for the present value factor).What is the present value of the note on December 31, 2020?16. On January 1, 2020, CPA Incorporated sold its aggregate equipment. The buyer issued a promissory note with a face amount of P10,000,000 and stated interest rate of 6%. The note is payable in annual installments of P2,000,000 plus accrued interest on the outstanding balance. The first installment is due on December 31, 2020. There is no established cash price for this type of aggregate equipment and the note has no ready market. The prevailing interest for a note of this type is 12%. The aggregate equipment has a cost of P12,000,000 and an accumulated depreciation of P2,600,000 as of January 1, 2020. What will be the carrying amount of the Notes Receivable as of December 31, 2022? (Use four-decimal places and round off the final answer to the nearest peso.)