Feal-Goode Inc. purchased a patent on a new drug. The patent cost $12,000. The patent h twenty years, but Feal-Goode expects to be able to sell the drug for 50 years. Calculate the amortization expense and record the (formal) journal entry for the first year's

The Simpsons are moving into their new home. They purchased it for $250,000 by putting a down payment of $120,000 towards the purchase and paying the balance with a $130,000 mortgage amortized over 20 years at 6.75% per annum ( for a 3-year term). At the end of the 3-year term, the interest rate increased by 0.5%. What is the approximate increase in their monthly payment?

Lucky Strike, a bowling alley, purchased new equipment from Brunswick in the amount of $850,000. Brunswick is allowing Luck Strike me to amortize the cost of the equipment with monthly payments over 2 years at 12% interest. What equal monthly payment will be required to amortize this loan?

A young executive is going to purchase a vacation property for investment purposes. She needs to borrow $103,000.00 for 27 years at a 4.1% annual interest rate, with interest compounded monthly, and will make monthly payments of $526.17. (Round all answers to 2 decimal places.) Create an amortization table to answer the following: a) What is the unpaid balance after 11 months? $ 100410.01 b) Over the 11 months in part (a), how much total interest did she pay? S

Island News purchased a piece of property for $1.82 million. The firm paid a down payment of 20 percent in cash and financed the balance. The loan terms require monthly payments for 20 years at an APR of 4.00 percent, compounded monthly. What is the amount of each mortgage payment?

Edward purchased a new piece of equipment to be used in its new facility. The $445,000 piece of equipment was purchased with a $66,750 down payment and with cash received through the issuance of a $378,250, 9%, 5-year mortgage payable issued on January 1, 2022. The terms provide for annual installment payments of $97,245 on December 31.   1. Prepare an installment payments schedule for the first five payments of the notes payable   2. Prepare the journal entry related to the notes payable for December 31, 2022.    3. Show the balance sheet presentation for this obligation for December 31, 2022. (Hint: Be sure to distinguish between the current and long-term portions of the note.)

After two years in business, the owners have saved (have a surplus of) $123,750.00. They must decide if they will invest in property or investment bonds. If they invest in a property and a vehicle, the total cost will be $445,500,00, of which $123,750.00 will be required as a down payment. The fixed interest rate on the mortgaged amount is 5.40% compounded semi-annually for a term of 13 years. 5. What is the size of the semi-annual payments required to settle this mortgage? 6. What is the size of the final payment? 7. How long would it take (in months) to settle this loan with regular monthly payments of exactly $2000 instead of the PMT value calculated in Part 5?

Don James purchased a new automobile for $14,000. Don made a cash down payment of $3,500 and agreed to pay the remaining balance in 30 monthly installments, beginning one month from the date of purchase. Financing is available at a 24% annual interest rate. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required:Calculate the amount of the required monthly payment. (Do not round intermediate calculations. Round your final answer to nearest whole dollar amount.)

Thomas won a lottery that will pay $550000 at the end of each of the next twenty years. Sandhill Finance has offered to purchase the payment stream for $6853000. What interest rate (to the nearest percent) was used to determine the amount of the payment? O 5% O 7% O 6% 8% e Textbook and Media

A firm acquires a warehouse costing $60,000 on January 31. The firm makes a down payment of $7,000 and assumes a 20 year, 6% mortgage for the balance. Interest is payable on January 31 each year. If interest payment on mortgage is recognized on february 28th of the same year, what will be the interest payable.