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On October 1 st of the current year, RadMan Co. purchased...

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Accounting

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On October 1 st of the current year, RadMan Co. purchased some Equipment for $50,000(terms3/10,n/30). The invoice was paid in full on December 1st, but RadMan Co. failed to take advantage of the s1,500 purchase discount. Required: What impact does the recording of the December 1st transaction have on the Financial statements? You may use journal entries andror use the accounting equation as tools to help you with your answer. Select ALL that apply. Other Expenses increases 1,500 Non-current liabilities decrease 50,000 Current assets decrease 50,000 Net income decreases 1,500 Current liabilities decrease 50,000 Intangible assets increase 48,500 1. Cost of Equipment is now 48,500 . Shareholder' Equity increases 1,500 Cash decreases 48,500 Cost of Equipment is now 50,000

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