# 1. Prepare the journal entry for A&Gs purchase of the conveyor on January 1, 2011. (Round PV...

## Question:

1. Prepare the journal entry for A&G’s purchase of the conveyor on January 1, 2011. (Round "PV Factor" to 5 decimal places Round your intermediate calculations and final answers to the nearest dollar amount. Omit the "$" sign in your response.)

2. Prepare an amortization schedule for the four-year term of the note. (Round "PV Factor" to 5 decimal places, Round your intermediate calculations and final answers to the nearest dollar amount. Omit the "$" sign in your response.)

3. Prepare the journal entry for A&G’s third interest payment on December 31, 2013. (Round "PV Factor" to 5 decimal places, Round your intermediate calculations and final answers to the nearest dollar amount. Omit the "$" sign in your response.)

4. If A&G’s note had been an installment note to be paid in four equal payments at the end of each year beginning December 31, 2011, what would be the amount of each installment? (Round "PV Factor" to 5 decimal places, Round your intermediate calculations and final answer to the nearest dollar amount. Omit the "$" sign in your response.)

5. Prepare an amortization schedule for the four-year term of the installment note

6. Prepare the journal entry for A&G’s third installment payment on December 31, 2013

## Step by Step Answer:

**Related Book For**

## Intermediate Accounting

**ISBN:** 978-1119048541

11th Canadian edition Volume 2

**Authors:** Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy