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On January 1, 2020, Cardinals Corp. grants a loan to Pirates Company and receives a $250,000, four-year note, bearing interest at 6% with interest payable semi-annually. The market rate for similar loans with similar credit risks is 8%.
Instructions
Problem a) From the Cardinals' perspective, calculate the present value of this loan. Please round your answer to the nearest dollar.
Problem b) Prepare the journal entry to record this transaction.
Problem c) With proper format and headings, prepare an amortization table for the above-mentioned four-year notes from the inception day to June 30, 2021.
Prepare an Income Statement for January 2014 and a BalanceSheet as of January 31, 2014.
If the balance in the Allowance for Doubtful Accounts is a $8,200 debit before adjustment, what is current year's Bad Debt Expense?
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Since easing credit policy generally lengthens the collection period and worsens the aging schedule, why do firms ever ease their credit policies?
The treasury stock method was applied for the assumed exercise of these warrants in computing diluted earnings per share. Compute the increase in number shares
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