n April 1, 2023 Blo Inc. receives a 6-year $60,000 note in exchange for a parcel of land. The cost of the land was $35,000. Neither the market rate nor the fair value of the land can be determined. Notes of similar risk carry a 12% imputed rate of interest. The financial year ends December 31. a. The present value of the note is $________ b. There was a (gain or loss) ___________on the sale of the land of

Q: On January 1, 2024. Byner Company purchased a used tractor. Byner paid 55,000 down and signed a…

A: The question is related to Acquisition Journal Entry of Tractor. The details are given as under Down…

Q: How much of the Notes payable, net of discount, should be reported as part of current liabilities on…

A: Year Beginning Carrying value Installment paid Interest Expense Principal paid Ending carrying…

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A: 1. Annual installment which is payable in the next 12 months from December 31, 2021, and interest…

Q: On January 1, 2019, Northern Manufacturing Company bought a piece of equipment by signing a…

A: Fair value of equipment = Present value of installments       Quarterly installments $20,000.00…

Q: At the beginning of 2024, VHF Industries acquired a machine with a fair value of $3,169,870 by…

A: Solution 1:Interest rate = 10% Solution 2 to 4:Refer step 2 Solution 5:Fair value = $3,239,720 for…

Q: on december 31, 2020, bones corporation sold an old machine, the terms of the sale were as follows:…

A: Annuity: The fixed amount paid or received in equal time periods is referred to as annuity.

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A: “Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…

Q: On January 1, 2021, Ree Company sold a machine to Say Company. In lieu of cash payment, Say gave Ree…

A: PRESENT VALUE FACTOR TABLE @10% Year PVF @10% 1 0.9091 2 0.8264 3 0.7513 4 0.6830 5…

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A: Lets understand the basics. When asset is purchased using zero interest bearing notes payable then…

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Q: interest expense for the year

A: Interest expense on note = Face value of the note * Interest rate per annum

Q: On April 1, 2028, A Company issued a P 9.000,000 non-interest-bearing note due March 31, 2031, for a…

A: Interest expense = P469,112

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Q: R On April 1, 2024, Donyel Boats Company sold a yacht to Darien Resorts & Company for $450,000.…

A: Notes receivable refers to a written agreement containing consent of the borrower indicating to pay…

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A: Face value of Note = Cost of land - down payment = 21,000,000 - 5,000,000  = 16,000,000

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A: Option (d). $345,693 is the correct answer.

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A: Here is note receivable for Hornets. Note receivable is an asset which is a promissory note written…

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Q: On January 1, 2022, Balance Bar Co. receives a 5-year, $100,000 zero-interest-bearing note for…

A: Fv=100,000 N=5 years i=6% Then principal:$100,000 (PVF$5,6%) = $100,000 x .74726 =$74,726…

Q: On June 1, 20x4, a tract of land that originally cost P 800,000 was sold to SHE Company. The company…

A: Introduction The compensation received by an entity for borrowing its cash or permitting another…

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A:

Q: On January 1, 2024, Byner Company purchased a used tractor. Byner paid $2,000 down and signed a…

A: According to the traditional accounting equation, assets must be equal to both liabilities and…

Q: On January 1, 2021, Byner Company purchased a used tractor. Byner paid $5,000 down and signed a…

A: Requirement 1:   First determine the present value of the note, value of tractor, and discount on…

Q: On January 1, 2020, Gibson Co. purchases equipment having a fair value of $200,000 by issuing a…

A: Zero coupon bonds means those bonds which were issued for money or any assets but for which no…

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A: The financial transactions that a firm makes are documented in journal entries. They are used to…

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A: Maturity value: It is the amount paid to the investor when the time period of debt ends.

Q: At the beginning of 2021, VHF Industries acquired a machine with a fair value of $6,074,700 by…

A: 1.

Q: On January 1, 2025, Shetland Company loans $252,510 to Durham Corporation in exchange for a $300,000…

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Q: Notes Payable account

A: A non-interest bearing note payable is essentially a note in which the interest gets deducted from…

Q: On January 1, 2021, Beauty Company sold a machine with a cost of P500,000 and accumulated…

A:

Q: On January 1, 2019, Bestbuy Inc. purchased land that had an assessed value of P6,000,000 at the time…

A: Present value of non-interest-bearing note on January 1, 2019 = Face value of non-interest-bearing…

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A: The present value is the amount of the money received at time 0 or the current period.

Q: On January 1, 2022, Jantzen Company sold land to Dansko Company. There was no established market…

A: Carrying Amount of Notes = Beginning Balance + Interest Accrued - Principal repaid

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A: To calculate the interest income for 2024 using the effective-interest method, we'll need to…