Braxton Technologies, Incorporated, constructed a conveyor for A&G Warehousers that was completed and ready for use on January 1, 2024. • A&G paid for the conveyor by Issuing a $100,000, four-year note that specified 5% Interest to be paid on December 31 of each year, and the note is to be repaid at the end of four years. The conveyor was custom-built for A&G, so Its cash price was unknown. . By comparison with similar transactions it was determined that a reasonable Interest rate was 10%. Required: 1. Prepare the journal entry for A&G's purchase of the conveyor on January 1, 2024. 2. Prepare an amortization schedule for the four-year term of the note. 3. Prepare the journal entry for A&G's third Interest payment on December 31, 2026. 4. If A&G's note had been an installment note to be paid in four equal payments at the end of each year beginning December 31, 2024, what would be the amount of each installment? 5. By considering the Installment payment of requirement 4, prepare an amortization schedule for the four-year term of the Installment note. 6. Prepare the journal entry for A&G's third installment payment on December 31, 2026. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1)

The Moustache Company is replacing most of the windows in its Alden factory by purchasing them under a note agreement with the Blattner Window Design Company on January 1, 2019. Moustache financed $37,908,000, and the note agreement will require $10 million in annual payments starting on December 31, 2019 and continuing for a total of four more years(final payment December 31, 2023). Blattner will charge Moustache the market interest rate of 10% compounded annually. What is the amount of the 2020 interest expense?   A. $3,290,800 B. $2,790,800 C. $4,000,000 D. $3,169,880

LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2024. In payment for the $25.1 million purchase, LCD issued a 1-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 12%. Questions: 1. & 2. Prepare the journal entries for LCD’s purchase of the components on November 1, 2024 and the first installment payment on November 30, 2024. 3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2024? Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)

On January 1, 2021, the company obtained a $3 million loan with a 10% interest rate. The building was completed on September 30, 2022. Expenditures on the project were as follows:         January 1, 2021 $ 1,080,000   March 1, 2021   900,000   June 30, 2021   320,000   October 1, 2021   700,000   January 31, 2022   720,000   April 30, 2022   1,035,000   August 31, 2022   1,800,000      On January 1, 2021, the company obtained a $3 million construction loan with a 10% interest rate. Assume the $3 million loan is not specifically tied to construction of the building. The loan was outstanding all of 2021 and 2022. The company’s other interest-bearing debt included two long-term notes of $5,000,000 and $7,000,000 with interest rates of 5% and 8%, respectively. Both notes were outstanding during all of 2021 and 2022. Interest is paid annually on all debt. The company’s fiscal year-end is December 31. Required: Calculate the amount of interest that Mason should…