Pina Colada Inc. bought an Internet domain name by issuing a $216,000, 6-year, non-interest-bearing note...
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Pina Colada Inc. bought an Internet domain name by issuing a $216,000, 6-year, non-interest-bearing note to Ti-Mine Corp. with an effective yield of 12%. The note is repayable in 6 annual payments of $36,000 made at the end of each year. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Prepare the journal entry to record the purchase of the intangible asset
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