On 1 July 2019, Cassblanka Ltd sells a construction vehicle to Tradon Ltd. The vehicle cost Cassblanka Ltd $19,500. Rather than selling the item for a cash price or a short-term claim for cash of $22,500, Cassblanka Ltd accepts a promissory note that requires Tradon Ltd to make five annual payments of $5,000 each, the first one to be made on 30 June 2020.   The difference between the gross receipts and the current sales price represents interest revenue to be earned by Cassblanka Ltd over the period of the note. The implicit interest in the arrangement is 10 per cent.   Required: Provide the necessary journal entries for Cassblanka Ltd for the year ended 30 June 2020 and 30 June 2021 to record the selling of construction vehicle.

Yellow Company purchases a truck on January 1, 2021. According to the contract Yellow will not make any payments in 2021, 2022 and 2023. Yellow is to make an annuity payment of $5,000 starting December 31, 2024 through December 31, 2028. Calculate the cost of the truck.

Banco Company acquired a new machine on a delayed payment basis on August 1, 2018. A down payment of P100,000 was made, with four monthly instalments of P250,000 to commence on September 1, 2018. The machine's cash equivalent price was P 950 000. The entity spent and paid P 30 000 in installation fees. What is the sum to be capitalised as the machine's cost?

Bridgeport Inc. enters into an agreement on March 1, 2020, to sell Werner Metal Company aluminum ingots. As part of the agreement, Bridgeport also agrees to repurchase the ingots on May 1, 2020, at the original sales price of $190,000 plus 3%. (a) Prepare Bridgeport's journal entry necessary on March 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles ancienter O for the amounts.) Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit

Presented below are three independent situations.1. Novak Stamp Company records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Novak’s past experience indicates that only 80% of the stamps sold to licensees will be redeemed. Novak’s liability for stamp redemptions was $14,086,200 at December 31, 2019. Additional information for 2020 is as follows. Stamp service revenue from stamps sold to licensees   $8,609,200 Cost of redemptions (stamps sold prior to 1/1/20)   5,666,400 If all the stamps sold in 2020 were presented for redemption in 2021, the redemption cost would be $5,420,400. What amount should Novak report as a liability for stamp redemptions at December 31, 2020? Liability for stamp redemptions at December 31, 2020   $ 2. In packages of its products, Splish Inc. includes coupons that may be presented at retail stores to obtain discounts on other Splish products. Retailers are reimbursed for the face…