INTERMEDIATE ACCOUNTING(EBOOK-W/WILEY+)
INTERMEDIATE ACCOUNTING(EBOOK-W/WILEY+)
17th Edition
ISBN: 9781119614142
Author: Kieso
Publisher: WILEY
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Chapter 10, Problem 15Q
To determine

Introduction: Equipment is a tangible asset and subject to depreciation.

Given information:

  • Cost of acquisition: $10,000 cash
  • Note signed: $5,000, 2-year, zero-interest
  • PV of the note: $4,208
  • Price of similar machinery: $13,500

To determine the cost at which the new equipment should be recorded.

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INTERMEDIATE ACCOUNTING(EBOOK-W/WILEY+)

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