On December 31, 2023, Pharoah Corporation sold for $112000 an old machine having an original cost of $201600 and a book value of $89600. The terms of the sale were as follows: $22400 down payment. $44800 payable on December 31 each of the next two years. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. The agreement of sale made no mention of interest: however, 9% would be a fair rate for this type of transaction. What should be the amount of the notes receivable net of the unamortized discount on December 31, 2023, rounded to the nearest dollar? O $157616 $89600 $78808 $101208

On December 31, 2023, Pharoah Corporation sold for $112000 an old machine having an original cost of $201600 and a book value of $89600. The terms of the sale were as follows: $22400 down payment. $44800 payable on December 31 each of the next two years. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. The agreement of sale made no mention of interest: however, 9% would be a fair rate for this type of transaction. What should be the amount of the notes receivable net of the unamortized discount on December 31, 2023, rounded to the nearest dollar? O $157616 $89600 $78808 $101208

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter20: Accounting For Leases

Section: Chapter Questions

Problem 10MC: On August 1, 2019, Kern Company leased a machine to Day Company for a 6-year period requiring...

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