Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 5. on january 1, 2014, fishbone corporation sold e

5. On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000...

90.2K

Verified Solution

Question

Accounting

5. On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a 5% interest-bearing note requiring payments of $80,000 annually for 3 years. The first note payment is to be made on December 31, 2014. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

View In English In the figure a charged sphere of mass m and charge q...

Basic Math
1.2K views

31 75 N attached as the last p rk in detail for The principal P...

Basic Math
1.2K views

The first four terms of a sequence are given Can these terms be the terms...

Accounting
1.2K views

Balance of Work in Process and Finished Goods, Cost of Goods Sold Derry Company...

Accounting
1.2K views

. Calculate the net deduction for unearned premiums if an insurance entitys unearned premium reserve...

Accounting
1.2K views

With an explanation please The financial records for the Harrison Manufacturing Company have...

Accounting
1.2K views

Which of the following statements best defines a goal for an organization? Select one: A....

Accounting
1.2K views

BUSINESS LAW CAT ONE (a)Distinguish between public law and private law. (4marks)

Accounting
1.2K views

Wildhorse Industries sells two electrical components with the following characteristics. Fixed costs for the company...

Accounting
1.2K views

what is the rate column in the straight line method A company purchased...

Finance
1.2K views

The Home Depot is clearing out lawn mowers for $399.75 in an end-of-season sale that...

Accounting
1.2K views

The amount of driver activity corresponding to each product line is as follows: Select the...