Determine the future value of the following single amounts (FV of $1, PV of $1, FVA of
Question:
Determine the future value of the following single amounts (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) (Round your final answers to nearest whole dollar amount.):
Invested Amount i = n = Future Value
1. $13,000 5% 18
2. $18,000 8% 14
3. $31,000 8% 12
4. $52,000 6% 9
Determine the present value of the following single amounts (FV of $1, PV of $1, FVA of $1, PVA of $1,FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.):
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3). Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $5,400 on each September 30, beginning on September 30, 2024.
Required:
Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2018, assuming that an interest rate of 10% properly reflects the time value of money in this situation.
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson