Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. lincoln company purchased merchandise from grandvi

Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2018. Payment was made in...

80.2K

Verified Solution

Question

Accounting

Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2018. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $4,200 on each September 30, beginning on September 30, 2021. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required: Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2018, assuming that an interest rate of 8% properly reflects the time value of money in this situation.

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

Statistics
1.2K views

A popular theory is that presidential candidates have an advantage if they are taller than their...

Biology
1.2K views

Study the following analogy AS IS TO IS TO Italy Which of the following BEST...

Physics
1.2K views

13 In the figure shown the image of a real object O is formed at...

Basic Math
1.2K views

Find the variation constant and an equation of variation if y varies directly as x...

Statistics
1.2K views

cigarettes Click t Complete t Tar mg 5 9 10 14 15 19 20 24...

Calculus
1.2K views

in 4 0 n 2 anthmetic O geometric Find the common difference or ratio 1...

Algebra
1.2K views

Find the slant height of a regular pentagonal pyramid with the length of an edge...

Accounting
1.2K views

Orange, Inc. has identified the following cost drivers for its expected overhead costs for the...

Accounting
1.2K views

The amount the taxpayers qualify to claim for the Earned Income Tax Credit (EITC) is

Accounting
1.2K views

Part B Joey's Recording Studio rents studio time to musicians in 2-hour blocks. Each session...

Finance
1.2K views

Assume that, starting next year, you will make deposits of $514 each year into a...

Accounting
1.2K views

If inventory is sold with terms of FOB destination, goods in transit belong to the...