On January 1, 2007 the Billips Corporation purchased equipment having a fair value of $72,054.94 by issuing
Question:
On January 1, 2007 the Billips Corporation purchased equipment having a fair value of $72,054.94 by issuing a $90,000 note, payable in three $30,000 annual installments beginning December 31, 2007.
Required
Prepare
(1) The journal entry to record the purchase of the equipment,
(2) A schedule to compute the annual interest expense, and
(3) The journal entries to record yearly interest expense and note repayments over the life of the note.
A 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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1 2007 Jan 1 Equipment 7205494 Discount on Notes Payable 1794506 Notes Payable 9000000 Present value ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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