Please provide answer in text (Without image) ,,, every entry should have narration please On January 1, 2025, Sheridan Company makes the two following acquisitions.1.2.The company has to pay 11% interest for funds from its bank.Click here to view factor tables.(a) Record the two journal entries that should be recorded by Sheridan Company for the two purchases on January 1, 2025.(b) Record the interest at the end of the first year on both notes using the effective-interest method.No.(Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 2 decimal places, e.g. 58,971.25. If no entry isrequired, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amountis entered. Do not indent manually. List all debit entries before credit entries.)(a)1.N2.Purchases land having a fair value of $220,000.00 by issuing a 4-year, zero-interest-bearing promissory note in the faceamount of $333,975.(b)1.Purchases equipment by issuing a 6%, 9-year promissory note having a maturity value of $280,000.00 (interest payableannually).N2.DateAccount Titles and ExplanationDebit

Journal entries are made as per the double-entry bookkeeping principle. This requires debit of one…

1. 2. Purchases land having a fair value of $220,000.00 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $333,975. Purchases equipment by issuing a 6%, 9-year promissory note having a maturity value of $280,000.00 (interest payable annually). The company has to pay 11% interest for funds from its bank. Click here to view factor tables. (a) Record the two journal entries that should be recorded by Sheridan Company for the two purchases on January 1, 2025. Record the interest at the end of the first year on both notes using the effective-interest method. (b)

1. 2. Purchases land having a fair value of $220,000.00 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $333,975. Purchases equipment by issuing a 6%, 9-year promissory note having a maturity value of $280,000.00 (interest payable annually). The company has to pay 11% interest for funds from its bank. Click here to view factor tables. (a) Record the two journal entries that should be recorded by Sheridan Company for the two purchases on January 1, 2025. Record the interest at the end of the first year on both notes using the effective-interest method. (b)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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