Tom Builders purchases a machine from Tom Company in exchange for a $5,000 zero-interest- bearing note payable in four years. In addition to the note payable, Tom Builders pays cash for freight costs of $500, and installation costs of $200. Assuming an appropriate interest rate of 9 percent, the present value of a single sum for 4 periods is 9% is .7084 and the present value of an annuity is 3.2397. What is the historical cost of the machine purchased by Tom Builders? 4,042 5,700 3,542 4242

Tom Builders purchases a machine from Tom Company in exchange for a $5,000 zero-interest- bearing note payable in four years. In addition to the note payable, Tom Builders pays cash for freight costs of $500, and installation costs of $200. Assuming an appropriate interest rate of 9 percent, the present value of a single sum for 4 periods is 9% is .7084 and the present value of an annuity is 3.2397. What is the historical cost of the machine purchased by Tom Builders? 4,042 5,700 3,542 4242

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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