On January 1, 2024, Oriole Company issued for cash a $1,050,000, 3-year note bearing annual interest...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On January 1, 2024, Oriole Company issued for cash a $1,050,000, 3-year note bearing annual interest at 8% to Whispering Winds, Inc. The market rate of interest for a note of similar risk is 9%. What cash would have been recorded on the issue date of the note? (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.) Click here to view factor table. Total Proceeds LA 1,050,000 On January 1, 2024, Oriole Company issued for cash a $1,050,000, 3-year note bearing annual interest at 8% to Whispering Winds, Inc. The market rate of interest for a note of similar risk is 9%. What cash would have been recorded on the issue date of the note? (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.) Click here to view factor table. Total Proceeds LA 1,050,000
Expert Answer:
Answer rating: 100% (QA)
To calculate the cash received on the issue date of the no... View the full answer
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
Posted Date:
Students also viewed these accounting questions
-
Do you agree with some accountants who argue that intangible assets have an indefinite life and therefore should not be subject to amortization? Explain.
-
To what extent do you agree with the following statements? a. The best test of the performance of two different regression equations is their respective values of R2. b. Time-series regressions...
-
Do you agree with Hofstede's findings about U.S. culture? Other cultures? On what do you base your agreement or disagreement?
-
Gerald De Beer is a 38-year-old vibrant, outgoing young man who has been employed as a digital artist at Innovate Tech Solutions (Pty) Ltd ("Innovate Tech") since 1 May 2019. Details of Geralds...
-
1. Design two separate menu hierarchies, one for Reliable employees and one for nursing home employees. 2. Write out the steps of the dialog between the user and the system for the use case Place new...
-
What value of C makes the two cash flows equal? Assume i = 10%. 20 20 $72 $50 $50 C 1 2 3 1 2 3
-
How do we discover business activities?
-
1. How was mismanagement at Krispy Kreme reflective of leadership failure? 2. Describe the financial shenanigans used by Krispy Kreme. In this regard, is earnings management always a sign of failed...
-
Island Telephone Corporation issued a $240,000 face value bond on March 21, 1989, carrying a 9.25% coupon and 25 years to maturity. Global Financial Services purchased the bond on March 21, 1996, at...
-
Provide the missing information. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong.) Item Case 1...
-
Why did African Americans consider moving from the rural South to the urban North following the Civil War? Group of answer choices,which one is correct? 1. to able to buy land 2. to find...
-
10. A certain sound source emits a sound level of 30 dB. What is the sound level if the sound intensity is tripled? If the sound level is tainted
-
A simple flute can be made from a hollow 25-cm stick of bamboo, open on both ends. When you blow across one of its ends, it produces a sound. If one of the ends is covered, by what factor does the...
-
11. A certain asteroid has a radius of 7.0x10m and a mass of 5.0x105 kg. How fast would a cyclist have to travel on the surface of the asteroid for her apparent weight to be one-fifth of her weight...
-
An Australian bushman hunts kangaroos with the following weapon, a heavy rock tied to one end of a light vine of length 2 m . He holds the other end above his head, at a point 2 m above ground level,...
-
1-A 0.90 T magnetic field points due North, a) Find the magnitude and direction of the force on a 1.50 C charge moving westward with a velocity of 1.50 m/s. b) Repeat for a -1.50 C charge with the...
-
In the gift shop of the History of Flight museum, Elisa bought a kit to make a model of a jet airplane. The actual plane is 27 feet long with a wingspan of 18feet. If the finished model will be 13.5...
-
Show that every group G with identity e and such that x * x = e for all x G is abelian.
-
What information is included in the heading of each of the four financial statements?
-
How would reported income differ if LIFO rather than FIFO were used when purchase prices are rising? When purchase prices are falling?
-
You are the CFO of Diversified Industries. Diversified has suffered through four or five tough years. This has deteriorated their financial condition to a point that they are in danger of violating...
-
A project under consideration has a 10-year projected life. The initial investment for the project is estimated to have a mean of \(\$ 10,000\) and a standard deviation of \(\$ 1,000\). The annual...
-
True or False: In determining the optimum replacement interval, it is necessary to assume negligible salvage values.
-
Uncertainty can impact many elements of an engineering economic analysis. Given the list of factors below, rank them from most to least uncertain, and briefly justify why you ranked them in that...
Study smarter with the SolutionInn App