Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. desrosier company acquires a machine on 1 january

DesRosier Company acquires a machine on 1 January 20x6, with a non-interest-bearing note that requires...

60.1K

Verified Solution

Question

Accounting

image
DesRosier Company acquires a machine on 1 January 20x6, with a non-interest-bearing note that requires $16,000 to be paid on 31 December 20x6 and again on 31 December 2 X7. The note has no explicit interest, but the prevaling interest rate is 4% on abilities o s milar risk and duration. The cash equivalent cost of the machine is unknown. (PV of S1. PVA of S1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: Provide thejournal entry to record the machine on 1 January 20X6. Use the net method to record the note payable. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round time value factor to 5 decimal places and final answer to the nearest whole dollar amount.) View transaction list Journal entry worksheet Record the purchase of equipment. Note: Enter debits before credits Date General Journal DebitCredit 1 Jan 20X6

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

Algebra
1.2K views

The table of values represents a polynomial function f x 4 105 How much greater...

Programming
1.2K views

In C language, Write a program called minishell that creates two child processes: one to execute 'ls -al'...

Electrical Engineering
1.2K views

What is excitation as applied to electrical machines?

Physics
1.2K views

A conical shaped wire of uniform resistivity has ratio of radius of end cross section...

Basic Math
1.2K views

The school that Paul goes to is selling tickets to a choral performance. On the...

Algebra
1.2K views

14 Solve the inequality set Graph the solution on a nu x 3 6 and...

Accounting
1.2K views

On October 1, a machine was purchased for $130,000 with a useful life of 10...

Accounting
1.2K views

Question 2 (10) You are the duly appointed executor in the estate of the late...

Accounting
1.2K views

Frederick Grant is employed by Jabex Ltd as an Engineer. He earns 270,000 per month...

Accounting
1.2K views

The following information was compiled for company ABC. Beginning retained earnings$5,000 Liabilities at...

Accounting
1.2K views

Naumann Corporation produces and sells a single product. Data concerning that product appear below: ...

Accounting
1.2K views

As of December 31 of the current year, Armani Company's records show the following. ...