On Jan. 1, 2020, Bobcat Brewing Co., sold a 1-acre land parcel to CBD, Inc. CBD...
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On Jan. 1, 2020, Bobcat Brewing Co., sold a 1-acre land parcel to CBD, Inc. CBD gave a zero- interest-bearing note with a maturity payment of $112,204 due Dec. 31, 2024. CBD's credit rating makes it eligible to borrow money at 7% interest compounded annually from local banks. • Bobcat Brewing originally purchased the 1-acre land parcel for $60,000 in 2012. Instructions: For Bobcat Brewing Company: • Record the journal entries related to this transaction assuming Bobcat Brewing has a December 31, 2019 year end. • (Show all calculations above and round your answer to an even dollar amount.) Accounts Debit Credit On Jan. 1, 2020, Bobcat Brewing Co., sold a 1-acre land parcel to CBD, Inc. CBD gave a zero- interest-bearing note with a maturity payment of $112,204 due Dec. 31, 2024. CBD's credit rating makes it eligible to borrow money at 7% interest compounded annually from local banks. • Bobcat Brewing originally purchased the 1-acre land parcel for $60,000 in 2012. Instructions: For Bobcat Brewing Company: • Record the journal entries related to this transaction assuming Bobcat Brewing has a December 31, 2019 year end. • (Show all calculations above and round your answer to an even dollar amount.) Accounts Debit Credit
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Fair value of promissory note Amount 1 rn 112204 1 0075 80000 Accounts Debit Credit 2020 ... View the full answer
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
Posted Date:
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