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Create the balance sheet as of december

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Problem 1: Jan 1st, 2020: Tony Inc. buys a machine from Avengers Inc. and will make 3 equal payments of 200,000 over the next 18 months (payments on June 30, 2020; Dec 31, 2020; and June 30, 2021). The interest rate on this annuity is 14%. Record all the journal entries from Jan 1st 2020 until the expiration of the annuity. Assume the machine does not depreciate.

Problem 2: Create the balance sheet as of December 31st, 2020 along with the income statement and cash flow statement for the time period of Jan 1st, 2020 to Dec 31st,2020

Reference no: EM132418932

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