On Jan. 1, 2020, Bobcat Brewing Co., sold a 1-acre land parcel to CBD, Inc. CBD...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On Jan. 1, 2020, Bobcat Brewing Co., sold a 1-acre land parcel to CBD, Inc. CBD gave a zero- interest-bearing note with a maturity payment of $112,204 due Dec. 31, 2024. CBD's credit rating makes it eligible to borrow money at 7% interest compounded annually from local banks. • Bobcat Brewing originally purchased the 1-acre land parcel for $60,000 in 2012. Instructions: For Bobcat Brewing Company: • Record the journal entries related to this transaction assuming Bobcat Brewing has a December 31, 2019 year end. • (Show all calculations above and round your answer to an even dollar amount.) Accounts Debit Credit On Jan. 1, 2020, Bobcat Brewing Co., sold a 1-acre land parcel to CBD, Inc. CBD gave a zero- interest-bearing note with a maturity payment of $112,204 due Dec. 31, 2024. CBD's credit rating makes it eligible to borrow money at 7% interest compounded annually from local banks. • Bobcat Brewing originally purchased the 1-acre land parcel for $60,000 in 2012. Instructions: For Bobcat Brewing Company: • Record the journal entries related to this transaction assuming Bobcat Brewing has a December 31, 2019 year end. • (Show all calculations above and round your answer to an even dollar amount.) Accounts Debit Credit
Expert Answer:
Answer rating: 100% (QA)
Fair value of promissory note Amount 1 rn 112204 1 0075 80000 Accounts Debit Credit 2020 ... View the full answer
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
Posted Date:
Students also viewed these finance questions
-
Question 3 Find the equation of the plane containing the point P(0, 2, 5) and the line r(t) =(2, 1, 5) + t(2, -3, -2). [Hint: First find two vectors parallel to the plane (that is, find two vectors...
-
Step 1 : Jan 1 Purchased merchandise on account from Kimberly Supply Co 3900 terms 210 n30 Jan 4 Sold merchandise on account 5000 to Able Inc shipped FOB Destination terms 110 n30 Jan 6 Paid 250...
-
Aston Ltd is a luxury goods manufacturer in the process of diversifying its business. Aston Ltd has reached an agreement with Chivas Ltd, a small basic materials company, to take over Chivas Ltd. The...
-
Explain why b x = e x ln b .
-
The paper Sodium content of Lunchtime Fast Food Purchases at Major U.S. Chains (Archives of Internal Medicine [2010]: 732734) reported that for a random sample of 850 meal purchases made at Burger...
-
Sketch v o for each network of Fig. 2.182 for the input shown. Fig. 2.182 C Ideal Ideal + R E 20 V (b)
-
Consider the function \(f(x)=x, 0
-
The beginning inventory at Keats Office Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A. Instructions 1. Record the inventory, purchases, and cost of...
-
. 3. The current price of a bond is 24(0) = 95 and it will mature at time T with face value A(T) = 105. The stock price is modeled by one step of the binomial tree model, with 8(0) : 100, U = 12%,...
-
Questions 1-5 are based on the following scenario. Consumers A and B (Alice and Bob) both live for two periods, t = 0 and t = 1. There is one physical consumption good. The consumers receive none of...
-
2X +8X+2X = 14. 13 = = bX+ ;( 2X4-X + 2x = 5 by Gaussian elimination
-
An asset was purchased for $5,000. Management determined that the asset has a useful life of 4 years, after which it can be sold to a salvage company for $450. What is the book value of the asset...
-
Explain that what is the difference between customer focused marketing and product focused marketing ? which is better ? Customer focused marketing leads to greater ROI or product focused marketing...
-
Inventory data for Mushroom Corporation for the year ended December 3 1 , 2 0 2 3 , are as follows: Beginning inventory 5 0 units at $ 1 5 0 each March 3 1 purchase 5 0 units at $ 1 5 5 each 1 st...
-
Among the following statements on IPv4 packet length, which is incorrect? The 'Total Length' field in an IPv4 packet represents the length of the entire IPv4 packet (in units of octets) In an...
-
The following present value factors are provided for use in this problem. Present Value Present Value of an Periods of $1 at 8% Annuity of $1 at 8% 1234 0.9259 0.9259 0.8573 1.7833 0.7938 2.5771...
-
If a and x are positive numbers and a != 1, then log a x r = r log a x for any real number r. 2 answers
-
A company produces earbuds. The revenue from the sale of x units of these earbuds is R = 8x. The cost to produce x units of earbuds is C = 3x + 1500. In what interval will the company at least break...
-
Watsontown Yacht Sales has been selling large power cruisers for 25 years. On January 1, 2014, the company had $5,950,000 in inventory (based on a FIFO valuation). While the number of yachts in...
-
On January 2, 2014, West Company issued 9% bonds in the amount of $500,000 that mature on December 31, 2023. The bonds were issued for $469,500 to yield 10%. Interest is payable annually on December...
-
On January 1, 2015, Toms River Rafting, Inc. (TRR), has a deferred tax asset representing $250,000 in net operating loss carryforwards on its balance sheet. When it recognized this asset, TRR...
-
\(P(60
-
\(P(x <55)\) In Exercises 27-32, the random variable \(x\) is normally distributed with mean \(\mu=74\) and standard deviation \(\sigma=8\). Find the indicated probability.
-
\(P(x <84)\) In Exercises 27-32, the random variable \(x\) is normally distributed with mean \(\mu=74\) and standard deviation \(\sigma=8\). Find the indicated probability.
Study smarter with the SolutionInn App