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20. On January 1, Equestrian Roads accepted a customer's $50,000 payable in two revenue from zero-interest-bearing note The market rate for a note of similar risk is 4%. How much interest years. this transaction would be recorded for the year ending December 31? A) S0 B) $2,774 C) $2,000 D) $1,849 E) None of the above. The correct answer is: How about 2% for 21. free? mile, you've reached the last multiple choice question of ACG 3103 A) No, I am allergic to free points B) No, I prefer to cap my final exam score at a maximum of 98% C) This answer can only do you harm. You were warned. D) Yes please! E) No, I always choose hard mode on video games, so why wouldn't I do the same here? OBLEM #1 (worth 6 %) Purchase Commitments-Slow ALL YOUR WORK FOR CREDIT! On December 1, 2015 Nichols Company CEO signs a purchase commitment for inventory to be purchased in March of 2016. The specifics are 25,000 units at $7.50 per unit. Nichols has to prepare financial statements on December 31t (fiscal year-end), and the market price of inventory is $7.25. On March 1st, Nichols purchases inventory per the purchase commitment, at which time the market value of inventory was $7.60 Please provide any necessary journal entries for Nichols with respect to the December 1st inventory purchase commitment, Dec 31 fiscal year-end, and March 1st purchase of inventory 20. On January 1, Equestrian Roads accepted a customer's $50,000 payable in two revenue from zero-interest-bearing note The market rate for a note of similar risk is 4%. How much interest years. this transaction would be recorded for the year ending December 31? A) S0 B) $2,774 C) $2,000 D) $1,849 E) None of the above. The correct answer is: How about 2% for 21. free? mile, you've reached the last multiple choice question of ACG 3103 A) No, I am allergic to free points B) No, I prefer to cap my final exam score at a maximum of 98% C) This answer can only do you harm. You were warned. D) Yes please! E) No, I always choose hard mode on video games, so why wouldn't I do the same here? OBLEM #1 (worth 6 %) Purchase Commitments-Slow ALL YOUR WORK FOR CREDIT! On December 1, 2015 Nichols Company CEO signs a purchase commitment for inventory to be purchased in March of 2016. The specifics are 25,000 units at $7.50 per unit. Nichols has to prepare financial statements on December 31t (fiscal year-end), and the market price of inventory is $7.25. On March 1st, Nichols purchases inventory per the purchase commitment, at which time the market value of inventory was $7.60 Please provide any necessary journal entries for Nichols with respect to the December 1st inventory purchase commitment, Dec 31 fiscal year-end, and March 1st purchase of inventory

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