8.4 Chevron Corporation purchased a truck by issuing an $80,000, four-year, non-interest-bearing note to Equality Inc. The market interest rate for obligations of this nature is 8%. Required Calculate the purchase price using any of the three methods (tables, financial calculator, or Excel). Prepare the journal entry to record the truck purchase.

8.4 Chevron Corporation purchased a truck by issuing an $80,000, four-year, non-interest-bearing note to Equality Inc. The market interest rate for obligations of this nature is 8%. Required Calculate the purchase price using any of the three methods (tables, financial calculator, or Excel). Prepare the journal entry to record the truck purchase.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....

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