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Determine the original cost of the machine

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Question - On January 1, 2007 MacGregor, Inc. purchased a new machine and financed this purchase by making a cash down payment of $25,000 and issuing a 6%, 5-year note that will be paid in five annual installments of $75,000 each payable on December 31.

1. Determine the original cost of the machine and the correct journal entry.

2. Determine the carrying value of the note at the end of the third year after the Dec. 31 st payment has been recorded.

Reference no: EM132605087

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