Garrett Company purchased land by paying $28,000 cash and finance the rest of the purchase price with an installment loan from a bank. Garrett agreed to pay the bank $28,000 for each of the next eight years beginning one year from the purchase date. The interest rate on the loan is 8%. The cost of the land recorded by Garrett on the purchase date is
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- Samos, Inc. purchased certain plant assets under a deferred payment contract. The agreement was to pay $75,000 at year-end for each of the next three years. The plant assets should be valued at present value of a $75,000 annuity for three years discounted at the market interest rate. present value of a $75,000 annuity for three years discounted at the bank prime interest rate. $225,000. $225,000 plus imputed interest.Last year the company exchanged a piece of land for a non-interest - bearing note. The note is to be paid at the rate of $16, 100 per year for 9 years, beginning one year from the date of disposal of the land. An appropriate rate of interest for the note was 11 % . At the time the land was originally purchased, it cost $ 84,400. What is the fair value of the note? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, eg. 458, 581 .) The fair value of the note $Reversing Rapids Co. purchases an asset for $147,552. This asset qualifies as a five-year recovery asset under MACRS. The five-year expense percentages for years 1, 2, 3, and 4 are 20.00%, 32.00%, 19.20%, and 11.52% respectively. Reversing Rapids has a tax rate of 30%. The asset is sold at the end of year 4 for $11,409. Calculate book value of an asset. Round the answer to two decimals. Answer: (25,496.99) answer is given pls how to get
- DAYTO Corporation owned a tract of land costing P800,000 which it sold for P1,000,000. The entity received a 3-year note for P1,000,000 plus interest of 12% compounded annually for the transaction. a. What is the amount of notes receivable to be recognized at the date of sale? b. What is the total amount of interest income recognized for the three year period?We acquired a property for $10,000,000 including all fees. We financed its purchase with a $7,000,000 loan that carried an annual interest rate of 5.2%, an amortization period of 25 years and a 5-year term. NOI for year 1 was $1,200,000; year 2 was $1,300,000, and for year 3 NOI was $1,400,000. All cash flow after debt service was paid to the equity investors as distributions at the end of every year. We sold this property at the end of year 3 for $11,000,000 net of all disposition fees. Identify the pre-tax annual cash flows to the equity investors and determine the pre-tax IRR to the equity investors for this investment.On July 1, 2020, Marin Inc. made two sales: 1. It sold excess land in exchange for a four-year, non–interest-bearing promissory note in the face amount of $1,165,880. The land’s carrying value is $640,000. 2. It rendered services in exchange for an eight-year promissory note having a face value of $480,000. Interest at a rate of 2% is payable annually. The customers in the above transactions have credit ratings that require them to borrow money at 11% interest. Marin recently had to pay 7% interest for money it borrowed from British Bank. 3. On July 1, 2020, Marin also agreed to accept an instalment note from one of its customers in partial settlement of accounts receivable that were overdue. The note calls for four equal payments of $21,000, including the principal and interest due, on the anniversary of the note. The implied interest rate on this note is 9%. Required: 1. Prepare the journal entries to record the three notes receivable transactions of Marin…
- On November 1, 2022, Nelson Corp. purchased land and a building for a combined cost of $2,000,000. Nelson paid $500,000 in cash and financed the remaining $1,500,000 by issuing a three (3) year, 9% installment note. The note will be paid back in three equal payments beginning on November 1, 2023. The Company has determined that the land and building have fair market values of $440,000 and $1,760,000, respectively. Their combined fair market value is $2,200,000. Part A: Prepare the journal entry Nelson should make to record the acquisition of these two assets. Part B: Calculate the amount of each installment payment on the note and complete the amortization below. Round the installment payment amount to the nearest whole dollar. Date Cash Paid Interest Expense Reduction in CV Carrying Value (CV) 11/1/22 11/1/23 11/1/24 11/1/25 TotalPLEMACOLA, Inc. sold a piece of land on January 1, 2021. Thecompany purchased the land for P1,000,000. PLEMACOLA received a3-year note of P1,500,000. The cash selling price of the land as of thisdate is P1,190,748. The imputed interest rate on this note is 8%.How much is the unamortized discount as of December 31, 2022?ACT Company acquired an investment property with an installment price of P2,400,000. The acquisition of the property requires a down payment of 20% and a non-interest bearing note payable at the end of each year for five years. The prevailing market rate of interest for similar instrument is 12%. ACT Company transaction costs amounting to P50,000 on the property. What is the cost of acquiring the property? Use 3-decimal interest factor.
- On January 1, 2018, Laramie Inc. acquired land for $6.2 million. Laramie paid $1.2 million in cash and signed a 6% note requiring the company to pay the remaining $5 million plus interest on December 31, 2019. An interest rate of 6% properly reflects the time value of money for this type of loan agreement. For what amount should Laramie record the purchase of land?TBTF Incorporated rents commercial real state to locally based businesses. TBTF purchased a large office complex on January 2, 2022. In exchange for the real estate, TBTF issued a noninterest bearing note to the seller. This note will be paid in equal instalments that include both principal and interest at the end of each calendar year. Other information pertaining to the purchase of the real estate follows: Annual instalment payment amount Market rate of borrowing for TBTF Number of years note will be outstanding Portion of the purchase price to be allocated to land Portion of the purchase price to be allocated to land improvements $ 253,134 8% 9 24% 14% TBTF has a year end date of December 31. Required: Prepare the journal entries required by TBTF to account for the note on each of the following dates: January 2, 2022 December 31, 20241. Action Company acquired an investment property with an installment price of P2,500,000. The acquisition of the property requires a down payment of 20% and a non-interest bearing note payable at the end of each year for five years. The prevailing rate of interest for similar instrument is 12%. The present value of an annuity of 12% for four periods is 3.605. Action Company incurred transaction costs amounting to P45,000 for the property. What is the cost of acquiring the property?