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On January 1, 2021, XYZ Corporation sold equipment that had a cost of $350,000 and...

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Accounting

On January 1, 2021, XYZ Corporation sold equipment that had a cost of $350,000 and accumulated depreciation of 128,000 to ABC. XYZ received as consideration a down payment of $100,000 and a $200,000 non-interest-bearing note due on December 31, 2024. The prevailing rate of interest for a note of this type on January 1, 2021, was 4%.

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3. what is the total interest revenue that would be recognized over the life of the note by XYZ?

please show work. thanks

art B on January 1, 2021, XYZ Corporatior XYZ received as consideration a down payment of $100,000 and prevailing rate of interest for a note of this type on January 1, 2021, was 4% Present Future Present Yale ! value of an value of an ordinary ordinary anty annuity doe 424546 3.62990 3.77509 45 insulty Future Present Value of 1 value of 1 0.85480 1.18986 4 One Debit 1.) 1.) Prepare the journal entry to record XYZ Co.'s sale of equipment on 01.01.2L (9pts) Account Title pare the jou Debit Account Title Credit Debit 2.) Prepare the journal entry(s) for year ended 12/3122(Le end of the second year), if any, associated with this sale of equipment (dprt) Account Title pized over the life of the note by XYZ? (2pcs)

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