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January 1, 2020 January 1 2020 December

January 1, 2020 January 1 2020 December

FINANCIAL ACCOUNTING
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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No. Date (v) 1 2 January 1, 2020 2 January 1, 2020 che December 31,2020 1 December 31 2000 Account Titles and Explanation Dobit Credit IRUL
Transcribed Image Text:No. Date (v) 1 2 January 1, 2020 2 January 1, 2020 che December 31,2020 1 December 31 2000 Account Titles and Explanation Dobit Credit IRUL
Current Attempt in Progress On January 1, 2020, Tamarisk Company makes the two following acquisitions 1 2 Purchases land having a fair value of $270,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $475,832 (a) (b) Purchases equipment by issuing a 7%, B-year promesory note having a maturity value of $360,000 interest payable annually) The company has to pay 12% interest for funds from its bank Record the two journal entries that should be recorded by Tamarak Company for the two purchases on January 1, 2020 Record the interest at the end of the first year on both notsiang the effective interest method ayd Round present value factor calculations to 5 decimel places, e 125124 bnd the finif anwer to Decimal places 58,971 red select "No Entry for the occount titles and enter O for the amounts Credit account tities are automatically indented wyn onound entered Do not indent manually) No. Date Account Titles and Explanation (a) January 1 1 2020 Debit Credit
Transcribed Image Text:Current Attempt in Progress On January 1, 2020, Tamarisk Company makes the two following acquisitions 1 2 Purchases land having a fair value of $270,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $475,832 (a) (b) Purchases equipment by issuing a 7%, B-year promesory note having a maturity value of $360,000 interest payable annually) The company has to pay 12% interest for funds from its bank Record the two journal entries that should be recorded by Tamarak Company for the two purchases on January 1, 2020 Record the interest at the end of the first year on both notsiang the effective interest method ayd Round present value factor calculations to 5 decimel places, e 125124 bnd the finif anwer to Decimal places 58,971 red select "No Entry for the occount titles and enter O for the amounts Credit account tities are automatically indented wyn onound entered Do not indent manually) No. Date Account Titles and Explanation (a) January 1 1 2020 Debit Credit
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