Click here to view factor tableshttps://education.wiley.com/content/Kieso_Intermediate_Accounting_17e/media/simulations/interest_rate_tables.pdf Ayayai Corporation purchased a special tractor on December 31, 2020. The purchase agreement stipulated that Ayayai shouldpay $21,640 at the time of purchase and $4,960 at the end of each of the next 8 years. The tractor should be recorded onDecember 31, 2020, at what amount, assuming an appropriate interest rate of 12%? (Round factor values to 5 decimal places, e.g.1.25124 and final answer to O decimal places, e.g. 458,581.)Cost of tractor to be recorded$4

Annual payments 4960 X PV factor 12% 4.96764 =(1-(1.12)^-8)/0.12 Present value of Annual…

Answered: of 12%? (Round factor values to

Business

Accounting

of 12%? (Round factor values to

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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https://education.wiley.com/content/Kieso_Intermediate_Accounting_17e/media/simulations/interest_rate_tables.pdf

Ayayai Corporation purchased a special tractor on December 31, 2020. The purchase agreement stipulated that Ayayai should
pay $21,640 at the time of purchase and $4,960 at the end of each of the next 8 years. The tractor should be recorded on
December 31, 2020, at what amount, assuming an appropriate interest rate of 12%? (Round factor values to 5 decimal places, e.g.
1.25124 and final answer to O decimal places, e.g. 458,581.)
Cost of tractor to be recorded
$4

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