Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Chapter 11, Problem 13EA
To determine
Ascertain the range for negotiation by calculating the present value of Person H’s offer to sell and of Person B’s offer to buy.
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On December 30, 2021, Jack company purchased an aircraft from Jill Co. in exchange for a
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Your answer is partially correct.
Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal
places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)
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Tamarisk Corporation purchased a computer on December 31, 2024, for $138,600, paying $39,600 down and agreeing to pay the
balance in five equal installments of $19,800 payable each December 31 beginning in 2025. An assumed interest rate of 9% is implicit
in the purchase price.
(a)
Your answer is partially correct.
Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal
places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)
Date
ec. 31, 2024
Account Titles and Explanation
Equipment
Discount on Notes Payable
Notes Payable
Cash
Debit
126126
12474
Credit
99000
39600
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