Exercise 5-16 (Static) Deferred annuities [LO5 - 8] President Company purchased merchandise from Captain Corporation on September 30, 2024. Payment was made in the form of a noninterest-bearing note requiring President to make six annual payments of $5,000 on each September 30, beginning on September 30, 2027. Required: Calculate the amount at which President should record the note payable and corresponding purchase on September 30, 2024, assuming that an interest rate of 10% properly reflects the time value of money in this situation. Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. Round your intermediate calculations to the nearest whole dollar. (FV of S1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)

Exercise 5-16 (Static) Deferred annuities [LO5 - 8] President Company purchased merchandise from Captain Corporation on September 30, 2024. Payment was made in the form of a noninterest-bearing note requiring President to make six annual payments of $5,000 on each September 30, beginning on September 30, 2027. Required: Calculate the amount at which President should record the note payable and corresponding purchase on September 30, 2024, assuming that an interest rate of 10% properly reflects the time value of money in this situation. Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. Round your intermediate calculations to the nearest whole dollar. (FV of S1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Problem 6 Luna Company discounted its own 2-year P500,000 12% interest bearing note at the bank onSeptember 1, 2020. The note was dated August 1, 2020. The discount rate was 15%. Preparethe journal entries relating to the said note starting September 1, 2020 until its payment.
Problem 1 Kecord the transactions in the general Journal of Martin Tool Company. Martin closes its books on December 31 2021 Martin Tool Company received a $14,000, 12-month 12% note receivable in exchange for an outstanding account from John Glenn. May 1 Dec. 31 Accrued interest revenue on the note fort the 8 months (May 1- Dec. 31, 2021) 2022 May 1 Received principal plus interest on the John Glenn note. (No interest revenue has been recorded for the 4 months (January 1- Mayl, 2022) Мay 1. 2021. 6, Jets Company re et the 20 of the erchand ed $47,000. Dec. 31. 2021. May 1. 2022 Company recei ceived the alce
Problem 5-9 (Algo) Noninterest-bearing note; annuity and lump-sum payment [LO5-3, 5-8] On January 1, 2024, The Barrel Company purchased merchandise from a supplier. Payment was a noninterest-bearing note requiring five annual payments of $35,000 on each December 31 beginning on December 31, 2024, and a lump-sum payment of $250,000 on December 31, 2028. A 12% interest rate properly reflects the time value of money in this situation. Required: Calculate the amount at which Barrel should record the note payable and corresponding merchandise purchased on January 1, 2024. Note: Round your final answers to nearest whole dollar amount. 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) Time values are based on: n = Cash Flow i= Amount Present Value Payments Lump Sum Amount recorded
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! Required information Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 9%, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 11%, $60,000 note payable. _?____Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 8%, $24,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _______ Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A (Algo) Part 3 3.…
Please both subparts answer please no plagiarism
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