INTER. ACCOUNTING - CONNECT+ALEKS ACCESS
10th Edition
ISBN: 9781264770335
Author: SPICELAND
Publisher: MCG
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On January 1, 2019, Northern Manufacturing Company bought a piece of
equipment by signing a non-interest-bearing $80,000, 1-year note. The
face value of the note includes the price of the equipment and the interest.
The effective interest rate is an annual rate of 16%, and the note is to be
paid in four $20,000 quarterly installments on March 31, June 30,
September 30, and December 31. The price of the equipment is the
present value of the four payments discounted at the effective interest
rate.
Answer the following and show your Complete Solution.
Find the actual time from October 5, 2019 to December 11, 2019a. 98 daysb. 97 daysc. 79 daysd. 87 days
Which of the following are NOT true?I. Principal is the money given or paid invested in the origin dateII. Origin date is a date on which money is paid by the borrower.III. Interest is an amount or earned for the use of the moneyIV. Simple Interest is an interest that is computed on the principal and then added to it.
make journal entries for recording interest income and interest received and recognition of FV at dec31, 2023, 2024, and 2025.
the entries should be:
to record interest collected (3 lines)
to record Fair value adjustment
to record interest collected (3 lines)
to record Fair value adjustment
to record interest collected (3 lines)
to record gain or loss
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