Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on october 1, 2011 justine company purchased equip

On october 1, 2011 Justine Company purchased equipment from Napa Inc. in exchange for a...

90.2K

Verified Solution

Question

Accounting

On october 1, 2011 Justine Company purchased equipment from Napa Inc. in exchange for a noninterest bearing note payable in five equal annual payment of $500,000 beginning Oct 1, 2012. Similar borrowing have carried an 11% interest rate . The equipment would be recorded at a. $2,500,000 b. $2,225,000 c.$1,847,950 d.$2,115,270

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

Biology
1.2K views

Now that we have studied the various types of vaccines, consider the current resurgence of...

Physics
1.2K views

26 A condenser of capacity 20 F is first charged and then discharged through a...

Basic Math
1.2K views

5 When Michael drives his dirt bike off a ramp his flight path can be...

Calculus
1.2K views

Let dh dz = e7zFind the particular solution to the above differential equation that satisfies...

Algebra
1.2K views

A village on a Caribbean island was devastated by a hurricane The supply of fresh...

Accounting
1.2K views

A restriction included in a debt agreement limiting the amount of debt an entity may...

Accounting
1.2K views

Company-Apple Inc Look up the financial information on the provided webistes Here again is the...

Accounting
1.2K views

On January 1, 2018 Quiper acquired 80% of Indonesia X's ordinary shares by paying Rp...

Accounting
1.2K views

Question five Write short on Value Added Tax (VAT): (a) Describe for the scope of...

Accounting
1.2K views

Required: Q.2.1 Using the information provided above, prepare all journal entries that would be...

Accounting
1.2K views

Which of the following represents a sales order process threat(the first provess in an existing...

Accounting
1.2K views

Suppose that, in an effort to reduce the federal deficit, Congress increases the top personal...