Question

On January 1, 2010, the Sanders Corporation purchased equipment having a fair value of $68,301.30 by issuing a non-interest-bearing, $100,000, four-year note due December 31, 2013.

Required
Prepare the journal entries to record
(1) The purchase of the equipment,
(2) The annual interest charges over the life of the note,
(3) The repayment of the note.



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  • CreatedDecember 09, 2013
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