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Question 1 - Rachel Corporation purchased a building by paying $90,000 cash on the purchase date, agreeing to pay $50,000 every year for the next nine years and one payment of $100,000 ten years from the purchase date. The first payment is due one year after the purchase date. Rachel's incremental borrowing rate is 10%. Compute the building reported on the balance sheet as of the purchase date?
a. $326,500
b. $460,000
c. $287,950
d. $416,500
Question 2 - Rockwood Corporation purchased a building by paying $90,000 cash on the purchase date, and agreeing to pay $50,000 every year for the next nine years and one payment of $100,000 ten years from the purchase date. The first payment is due one year after the purchase date. The company's incremental borrowing rate is 10%. Compute the building reported on the balance sheet as of the purchase date?
a. $326,500.
c. $416,500.
d. $287,950.
Question 3 - Given the following information: Common Stock ($10 par, 100,000 shares authorized, 60,000 shares issued and outstanding). Compute the number of treasury shares.
a. 0
b. 40,000
c. 60,000
d. 100,000
e. Need more information
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