Please Solve In 15mins I will Thumbs-up On January 1, 2019, Aitocs Inc. sold used equipment with a cost of $15,000 and a carryingamount of $2,500 to Disc Corp. in exchange for a $5,000, three-year non-interest-bearing notereceivable. Aitoes Inc. typically borrows funds at a rate of 10%, while Dise Corp. has variouslines of credit at 9%. Assume that Aitoes follows IFRS.Required:Prepare all journal entries related to the transaction in 2019, 2020, and 2021 for Aitoes Inc.(Show your calcuations)Please type your answers in the box below.

Notes receivable is used to track the money to be received from the borrower

On January 1, 2019, Aitoes Inc. sold used equipment with a cost of S15,000 and a carrying amount of $2,500 to Disc Corp. in exchange for a $5,000, three-year non interest-bearing note receivable. Aitoes Inc. typically borrows funds at a rate of 10%, while Disc Corp. has various lines of credit at 9%. Assume that Aitoes follows IFRS. Required: Prepare all journal entries related to the transaction in 2019, 2020, and 2021 for Aitoes Inc. (Show your calcuations) Please type your answers in the box below.

On January 1, 2019, Aitoes Inc. sold used equipment with a cost of S15,000 and a carrying amount of $2,500 to Disc Corp. in exchange for a $5,000, three-year non interest-bearing note receivable. Aitoes Inc. typically borrows funds at a rate of 10%, while Disc Corp. has various lines of credit at 9%. Assume that Aitoes follows IFRS. Required: Prepare all journal entries related to the transaction in 2019, 2020, and 2021 for Aitoes Inc. (Show your calcuations) Please type your answers in the box below.

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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Current Attempt in Progress The Accounts Receivable account has a beginning balance of $48900 and an ending balance of $69600. If total sales on account were $39500 for the year, what were the total collections on account? $69600 O $79000 O $18800 O $60200 Save for Later Attempts: 0 of 1 used Submit Answer MacBook Air DII DD 000