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

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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