10, please read the question carefully and follow the instructions. thanks On January 1, Splish Brothers Inc. sold used equipment with a cost of $16,500 and a carrying amount of $2,500 to Culver Corp. inexchange for a $5,500, three-year non-interest-bearing note receivable. Although no interest was specified, the market rate for a loanof that risk would be 9% and assume that Splish Brothers follows ASPE.Click here to view the factor table PRESENT VALUE OF 1.Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1.(a)Prepare the entry to record the sale of Splish Brothers' equipment and receipt of the note. (Round answers to O decimal places, e.g.125. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select"No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. For calculation purposes, use 5decimal places as displayed in the factor table provided.)Account Titles and ExplanationDebitCredit

The value of notes receivable = 5500 * PV factor Accumulated depreciation = Cost - Carrying value

Prepare the entry to record the sale of Splish Brothers' equipment and receipt of the note. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

Prepare the entry to record the sale of Splish Brothers' equipment and receipt of the note. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

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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