FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Hw.144.

On December 31, 2025, Windsor Company acquired a press from Sugar Corporation by issuing a $370,000 zero-interest-bearing note, payable in full on December 31, 2028. Windsor's credit rating permits it to borrow funds from its several lines of credit at 8%. The press is expected to have a 6-year life and a $34,000 salvage value. (a) Your answer is partially correct. Prepare the journal entry for the purchase on December 31, 2025. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to O decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date December 31, 2025 Account Titles and Explanation Equipment Discount on Notes Payable Notes Payable Debit 293706 76294 Credit 100 370000
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Transcribed Image Text:On December 31, 2025, Windsor Company acquired a press from Sugar Corporation by issuing a $370,000 zero-interest-bearing note, payable in full on December 31, 2028. Windsor's credit rating permits it to borrow funds from its several lines of credit at 8%. The press is expected to have a 6-year life and a $34,000 salvage value. (a) Your answer is partially correct. Prepare the journal entry for the purchase on December 31, 2025. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to O decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date December 31, 2025 Account Titles and Explanation Equipment Discount on Notes Payable Notes Payable Debit 293706 76294 Credit 100 370000
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