Please advise of any formulas needed Company B constructed assembly line equipment for Company A. The construction

Please advise of any formulas needed

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Company B constructed assembly line equipment for Company A. The construction finished, and the equipment was ready for use on January 1, 2021. Company A paid for the equipment by issuing a note: ⚫ $100,000 • 4 years • 5% interest The interest is to be paid on December 31 of each year. The note is to be repaid in its entirety at the end of four years. Company B custom built the equipment for Company A, so its cash price was unknown. Similar transactions yielded a reasonable interest rate of 10%. Use this assignment's Excel template for completing these tasks. Information for each task is given on the template in the Instructions tab. Use the correct Excel formulas in the cells when calculations are needed as well as formatting. Company B constructed assembly line equipment for Company A. The construction finished, and the equipment was ready for use on January 1, 2021. Company A paid for the equipment by issuing a note: ⚫ $100,000 • 4 years • 5% interest The interest is to be paid on December 31 of each year. The note is to be repaid in its entirety at the end of four years. Company B custom built the equipment for Company A, so its cash price was unknown. Similar transactions yielded a reasonable interest rate of 10%. Use this assignment's Excel template for completing these tasks. Information for each task is given on the template in the Instructions tab. Use the correct Excel formulas in the cells when calculations are needed as well as formatting.

Answer rating: 100% (QA)

Here are the detailed stepbystep calculations 1 Journal entry to record purchase of equipment on 112021 Dr Equipment Cr Notes Payable 2 Create amortiz... View the full answer