Question: Martin Corporation purchased a truck by issuing an 80 000 12
Martin Corporation purchased a truck by issuing an $80,000, 12% note to Equinox Inc. Interest is payable annually and the note is payable in four years. Prepare the journal entry to record the truck purchase.
Relevant QuestionsHamm Inc. purchased land, a building, and equipment from Spamela Corporation for a cash payment of $306,000. The assets' estimated fair values are land $95,000, building $250,000, and equipment $1,000,000. At what amounts ...Geddes Engineering Corporation purchased conveyor equipment with a list price of $50,000. Three independent cases that are related to the equipment follow. Assume that the equipment purchases are recorded gross. I. Geddes ...Jamil Jonas is an accountant in public practice. Not long ago, Jamil struck a deal with his neighbour Ralph to prepare Ralph's business income tax and GST returns for 2014 in exchange for Ralph's services as a landscaper. ...The following transactions occurred during 2014. Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a straight-line basis, with no estimated residual value. Assume also that ...Adamski Corporation manufactures ballet shoes and is experiencing a period of sustained growth. In an effort to expand its production capacity to meet the increased demand for its product, the company recently made several ...
Post your question