VC purchased a machine for use in operations at a quoted price of 35120. The full payment
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Question:
VC purchased a machine for use in operations at a quoted price of 35120. The full payment was the cash of 8000 plus a two-year noninterest-bearing note for 27121. The market rate of interest for this note is 8 percent VC should record the cost of the machine as rounded to the nearest dollar.
a. 31250
b. 23250
c. 32950
d. 35000
Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
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