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American Food Services, Inc., acquired a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2013. In payment for the $4 million machine, American Food Services issued a four-year installment note to be paid in four equal payments at the end of each year. The payments include interest at the rate of 10%. Required:
1. Prepare the journal entry for American Food Services purchase of the machine on January 1, 2013.
2. Prepare an amortization schedule for the four-year term of the installment note.
3. Prepare the journal entry for the first installment payment on December 31, 2013.
4. Prepare the journal entry for the third installment payment on December 31, 2015.
the amount is dependent on whether it reduces his taxable income. If Billy is going to claim the standard deduction, how much should he contribute to a traditional IRA?
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Adler Company has always done some planning for the future, but the company has never prepared a formal budget. Now that the company is growing larger, it is considering preparing a budget.
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