View Policies Current Attempt in Progress Nash Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2025. The terms of acquisition for each truck are described below. 1. Truck #1 has a list price of $16,950 and is acquired for a cash payment of $15,707. 2. 3. 4. Truck #2 has a list price of $18,080 and is acquired for a down payment of $2,260 cash and a zero-interest-bearing note with a face amount of $15,820. The note is due April 1, 2026. Nash would normally have to pay interest at a rate of 9% for such a borrowing, and the dealership has a borrowing rate of 8%. Truck #3 has a list price of $18,080. It is acquired in exchange for a computer system that Nash carries in inventory. The computer system cost $13,560 and is normally sold by Nash for $17,176. Nash uses a perpetual inventory system. Truck #4 has a list price of $14,420. It is acquired in exchange for 1,030 shares of common stock in Nash Corporation. The stock has a par value per share of $10 and a market price of $13 per share. Prepare the appropriate journal entries for the above transactions for Nash Corporation. (Round present value factors to 5 decimal places, e.g. 0.52587 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when 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.) No Account Titles and Explanation. Debit Credit No. Account Titles and Explanation Debit Credit 1. 2. 3. 4.
View Policies Current Attempt in Progress Nash Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2025. The terms of acquisition for each truck are described below. 1. Truck #1 has a list price of $16,950 and is acquired for a cash payment of $15,707. 2. 3. 4. Truck #2 has a list price of $18,080 and is acquired for a down payment of $2,260 cash and a zero-interest-bearing note with a face amount of $15,820. The note is due April 1, 2026. Nash would normally have to pay interest at a rate of 9% for such a borrowing, and the dealership has a borrowing rate of 8%. Truck #3 has a list price of $18,080. It is acquired in exchange for a computer system that Nash carries in inventory. The computer system cost $13,560 and is normally sold by Nash for $17,176. Nash uses a perpetual inventory system. Truck #4 has a list price of $14,420. It is acquired in exchange for 1,030 shares of common stock in Nash Corporation. The stock has a par value per share of $10 and a market price of $13 per share. Prepare the appropriate journal entries for the above transactions for Nash Corporation. (Round present value factors to 5 decimal places, e.g. 0.52587 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when 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.) No Account Titles and Explanation. Debit Credit No. Account Titles and Explanation Debit Credit 1. 2. 3. 4.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 15RE: GameDay sells recreational vehicles along with secure parking storage to customers. Game Day sells...
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Please help, give me a detailed answer to this.
Transcribed Image Text:View Policies
Current Attempt in Progress
Nash Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new
trucks on April 1, 2025. The terms of acquisition for each truck are described below.
1.
Truck #1 has a list price of $16,950 and is acquired for a cash payment of $15,707.
2.
3.
4.
Truck #2 has a list price of $18,080 and is acquired for a down payment of $2,260 cash and a zero-interest-bearing note with
a face amount of $15,820. The note is due April 1, 2026. Nash would normally have to pay interest at a rate of 9% for such a
borrowing, and the dealership has a borrowing rate of 8%.
Truck #3 has a list price of $18,080. It is acquired in exchange for a computer system that Nash carries in inventory. The
computer system cost $13,560 and is normally sold by Nash for $17,176. Nash uses a perpetual inventory system.
Truck #4 has a list price of $14,420. It is acquired in exchange for 1,030 shares of common stock in Nash Corporation. The
stock has a par value per share of $10 and a market price of $13 per share.
Prepare the appropriate journal entries for the above transactions for Nash Corporation. (Round present value factors to 5 decimal
places, e.g. 0.52587 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when 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.)
No
Account Titles and Explanation.
Debit
Credit
Transcribed Image Text:No. Account Titles and Explanation
Debit
Credit
1.
2.
3.
4.
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