on December 31 2021 corporation ( an equipment manufacturer)sold equipment that cost 300000 to...
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on December 31 2021 corporation ( an equipment manufacturer)sold equipment that cost 300000 to abc company ( a construction company). The agreement was stipulated that abc would pay make five payments of 105,000(including interest) annually December 31. The first one note payment is to be made December 31,2021.
- Prepare the journal entry for xyz to record sale the equipment on 12/31/21
- Prepare the journal entry xyz for year ended 12/31/23 for the receipt of payment associated with this sale of the equipment
- Prepare the journal entry for Abc to record the purchase of the equipment on 12/31/21
- total interest expense that would be recognized over the life of the note for abc is?
on December 31 2021 corporation ( an equipment manufacturer)sold equipment that cost 300000 to abc company ( a construction company). The agreement was stipulated that abc would pay make five payments of 105,000(including interest) annually December 31. The first one note payment is to be made December 31,2021.
- Prepare the journal entry for xyz to record sale the equipment on 12/31/21
- Prepare the journal entry xyz for year ended 12/31/23 for the receipt of payment associated with this sale of the equipment
- Prepare the journal entry for Abc to record the purchase of the equipment on 12/31/21
- total interest expense that would be recognized over the life of the note for abc is?
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