Question: Noble Corporation has a 7 percent market interest rate and

Noble Corporation has a 7 percent market interest rate and a December 31 fiscal year- end. During 2010 the following notes were issued to acquire equipment:
June 1 Issued a $ 140,000, two- year, 6 percent note for a fabrication machine. The face interest is paid semiannually on December 1 and June 1.
Nov. 1 Issued a $ 140,000, two- year, 7 percent installment note for two trucks. The payments are due monthly beginning November 30.
Required:
A. Make the amortization schedules for these notes.
B. Make the entries for the issuance of each of these notes.
C. Make the entries for the notes through December 31, 2010.

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  • CreatedMarch 25, 2015
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