In exchange for land, the company received a 12-month note on January 1. The face amount of
Question:
In exchange for land, the company received a 12-month note on January 1. The face amount of the note is $2,000, and the stated rate of interest is 12%, compounded annually. The 12% rate is equal to the market rate. The original cost of the land was $2,450. The full amount of the note, including accrued interest, will be received at the end of the 12-month period, on December 31. Make all journal entries necessary on the books of the recipient of the note during the 12-month life of this note.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
Jan 1 Notes Receivable 2000 Loss on Sale of Land 450 L...View the full answer
Answered By
ANDREW KIPRUTO
Academic Writing Expert
I have over 7 years of research and application experience. I am trained and licensed to provide expertise in IT information, computer sciences related topics and other units like chemistry, Business, law, biology, biochemistry, and genetics. I'm a network and IT admin with +8 years of experience in all kind of environments.
I can help you in the following areas:
Networking
- Ethernet, Wireless Airmax and 802.11, fiber networks on GPON/GEPON and WDM
- Protocols and IP Services: VLANs, LACP, ACLs, VPNs, OSPF, BGP, RADIUS, PPPoE, DNS, Proxies, SNMP
- Vendors: MikroTik, Ubiquiti, Cisco, Juniper, HP, Dell, DrayTek, SMC, Zyxel, Furukawa Electric, and many more
- Monitoring Systems: PRTG, Zabbix, Whatsup Gold, TheDude, RRDtoo
Always available for new projects! Contact me for any inquiries
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Question Posted:
Students also viewed these Accounting questions
-
Brown Corporation earns $600,000 and pays cash dividends of $200,000 during 2012. Dexter Corporation owns 3,000 of the 10,000 outstanding shares of Brown. What amount should Dexter show in the...
-
Refer to PE 6-64. Make all journal entries necessary on the companys books to adjust the reported cash balance in response to the receipt of the bank statement. Data from PE 6-64 Bank Reconciliation...
-
Refer to Practice 1421. Make all journal entries necessary on the lending companys books in connection with the loan during Year 2, Year 3, Year 4, and Year 5. Assume that all cash payments are...
-
DS Unlimited has the following transactions during August. August 6 Purchases 88 handheld game devices on account from GameGirl, Inc., for $290 each, terms 1/10, n/60. August 7 Pays $490 to Sure...
-
Two horizontal forces, 1 and 2 , are acting on a box, but only 1 is shown in the drawing. 2 can point either to the right or to the left. The box moves only along the x axis. There is no friction...
-
A manufacturing company produces products 1, 2, and 3. The three products have the following resource requirements and produce the following profit: At present, the firm has a daily labor capacity of...
-
Political Parties In a preelection survey of likely voters, political parties of respondents are identified as 1 for a Democrat, 2 for a Republican, 3 for an Independent, and 4 for anything else. The...
-
The financial statements of Ridgeview Employment Services, Inc., reported the following accounts (adapted, with dollar amounts in thousands except for par value): Prepare the stockholders equity...
-
Justine is studying at TAFE NSW in Sydney. She discovers that there is $2 million dollars in her bank account. She presumes that the bank has made an error. Justine has been a problem gambler for...
-
1. Why do you think Rolls has continued to bear this structural currency mismatch so long? Why hasn't it done what many automobile companies have done, and move some of their manufacturing and...
-
As payment for services rendered, the company received a 24-month note on January 1. The face amount of the note is $1,000; the note is non-interest-bearing. The cash price of the services rendered...
-
As payment for services rendered, the company received a 36-month note on January 1. The face amount of the note is $1,000; the note is non-interest-bearing. There is no reasonable basis for...
-
Rickhaus Company is authorized to issue 10 million shares of $1 par value common stock and 800,000 shares of $10 par value 7 percent cumulative, convertible, preferred stock. For simplicity, assume...
-
What is the basic connection to a mySQL database with python.
-
(x+4) if x <3 (2x - 1 if x 3 Find the value of each. If a limit does not exist, state DNE. # 59 Consider the function f(x) a) lim f(x) = 1-3 f(x) = lim f(x)= I-3 lim I 3+ b) f(3) = = = c) Is f(x)...
-
What is the routing part of a source ip 172.16.100.1
-
y = xB + y is a (nx 1) vector of observations on the dependent variable is a vector of K parameters to be estimated X is a (n x K) matrix of observations on the regressors & is a (nx 1) vector of...
-
What is the purpose of the following database features Views, Procedural SQL, Triggers, and Stored Procedures. Give examples of how these features could be used?
-
There are three basic fields of information contained in the Magnetic Ink Character Recognition. They are: a. Date, amount, and account number b. Date, ABA transit number, and account number c. ABA...
-
Why is homeostasis defined as the "relative constancy of the internal environments? Does negative feedback or positive feedback tend to promote homeostasis?
-
Graph equation (1) with = 5 and (A) = 8 (B) = 12 (C) = 16 Graph both in the same viewing window with X min = 0, X max = 40, Y min = 0, and Y max = 0.2. To graph Problem use a graphing calculator...
-
The company reported the following information for the year: Beginning accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,000 Sales . . . . . . . . . . . . . . . . . . . ....
-
The company has one LIFO pool. Information relating to the products in this pool is as follows: Beginning inventory, January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . 10 units @ $10 each...
-
On November 17 of Year 1, the company entered into a commitment to purchase 100,000 ounces of gold on February 14 of Year 2 at a price of $313.50 per ounce. On December 31 of Year 1, the market price...
-
Write a C++ program that displays a message as "Welcome to CS 280 in Spring 2023 Semester", and prompts the user to enter his/her first name and his/her last name. The program should read the user's...
-
View Video Title: Ethnography - Ellen Isaacs at TedX (TedTalk) Compare the 5-Step Marketing Research Process to the NYC Parking Problem Study conducted by Isaacs Ethnography was used as the marketing...
-
Matthew is a single taxpayer and qualifies for the earned income credit. he has two qualifying children his wages are $18,900 and receives dividends income of $900 what is the earned credit income...
Study smarter with the SolutionInn App