Noble Corporation has a 7 percent market interest rate and a December 31 fiscal year- end. During
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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.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For
Introduction to Accounting An Integrated Approach
ISBN: 978-0078136603
6th edition
Authors: Penne Ainsworth, Dan Deines
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