On July 1, 2025, Waterway Inc. made two sales. 1. 2. It sold land having a fair value of $913,050 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,436,698. The land is carried on Waterway's books at a cost of $592,800. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $407,700 (interest payable annually). Waterway Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at 12% interest. Record the two journal entries that should be recorded by Waterway Inc. for the sales transactions above that took place on July 1, 2025 (Pound present value factor calculations to 5 decimal places, eg 1.25124 and final answers to 0 decimal places. e.g. 5.275. If no entry is

On July 1, 2025, Waterway Inc. made two sales. 1. 2. It sold land having a fair value of $913,050 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,436,698. The land is carried on Waterway's books at a cost of $592,800. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $407,700 (interest payable annually). Waterway Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at 12% interest. Record the two journal entries that should be recorded by Waterway Inc. for the sales transactions above that took place on July 1, 2025 (Pound present value factor calculations to 5 decimal places, eg 1.25124 and final answers to 0 decimal places. e.g. 5.275. If no entry is

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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