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On January 1, Sage Hill inc. sold used equipment with a cost of $13,200 and...

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Accounting

On January 1, Sage Hill inc. sold used equipment with a cost of $13,200 and a carrying amount of $2,200 to Sheffield Corp. in exchange for a $4,400, three-year non-interest-bearing note receivable. Although no interest was specified the market rate for a loan of that risk would be 8% and assume that Sage Hill follows IFRS. Click here to view the factor table PRESENT VALUE OF 1 Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF Prepare the entries to record (a) the sale of Sage Hill inc. equipment and receipt of the note, (b) the recognition of interest at the end of each year, and (c) the collection of the note at maturity.
(Round answers to O decimal places, eg.125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts)

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