i need solution step by step Riverbed Cosmetics Co. purchased machinery on December 31, 2024, paying $51,000.00 down and agreeing to pay the balance infour equal installments of $60,000.00 payable each December 31. An assumed interest of 8% is implicit in the purchase price.Click here to view factor tables.Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates.(Round present value factor to 5 decimal places, e.g. 1.23465 and final answers to 2 decimal places, e.g. 38,548.23. If no entry is required, select"No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Donot indent manually. List all debit entries before credit entries.)(a)December 31, 2024.(b)December 31, 2025.(c)December 31, 2026.(d)December 31, 2027.(e)December 31, 2028.

Explanations: (a) December 31, 2024:Calculate the present value of the remaining payments using the…

Answered: Riverbed Cosmetics Co. purchased…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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