At January 1, 2024, Brant Cargo acquired equipment by issuing a six-year, $100,000 (payable at maturity), 6% note. The market rate of interest for notes of similar risk is 10%. Required: 1. to 3. Prepare the necessary journal entries for Brant Cargo. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar. Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) No 1 2 3 Date January 01, 2024 Equipment December 31, 202 Interest expense X Answer is not complete. Discount on notes payable Notes payable General Journal December 31, 202 Interest expense Discount on notes payable Cash Discount on notes payable Cash ✓ ✓ ✓ Debit 62,092 X 37,908 x Credit 100,000

At January 1, 2024, Brant Cargo acquired equipment by issuing a six-year, $100,000 (payable at maturity), 6% note. The market rate of interest for notes of similar risk is 10%. Required: 1. to 3. Prepare the necessary journal entries for Brant Cargo. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar. Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) No 1 2 3 Date January 01, 2024 Equipment December 31, 202 Interest expense X Answer is not complete. Discount on notes payable Notes payable General Journal December 31, 202 Interest expense Discount on notes payable Cash Discount on notes payable Cash ✓ ✓ ✓ Debit 62,092 X 37,908 x Credit 100,000

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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