FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

N3.

 

At January 1, 2024, Brant Cargo acquired equipment by issuing a six-year, $200,000 (payable at maturity), 5% note. The market rate of interest for notes of similar risk is 10%. Required: 1. to 3. Prepare the necessary journal entries for Brant Cargo. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar. Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) No 1 2 Date January 01, 2024 Equipment December 31, 202 Inter Answer is not complete. Discount on notes payable Notes payable expense General Journal 000 3 Debit 156,453 43,553 10,000 Credit 200,000
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Transcribed Image Text:At January 1, 2024, Brant Cargo acquired equipment by issuing a six-year, $200,000 (payable at maturity), 5% note. The market rate of interest for notes of similar risk is 10%. Required: 1. to 3. Prepare the necessary journal entries for Brant Cargo. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar. Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) No 1 2 Date January 01, 2024 Equipment December 31, 202 Inter Answer is not complete. Discount on notes payable Notes payable expense General Journal 000 3 Debit 156,453 43,553 10,000 Credit 200,000
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