Equipment with a fair value-carrying value

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1. Morris, Inc. Corporation purchased equipment with a fair value of $600,000 on a 6 percent note. The note requires five end-of-year payments of $142,438. What would be the carrying value of the note immediately after the second payment?

2. Doremi, Inc. had Net Income of $125,000 in 2008. Doremi had 8,000 shares of 3% $75 par value preferred stock outstanding during 2008 and declared preferred dividends in 2008. Doremi had 60,000 shares of common stock outstanding at the beginning of 2008 and had only one transaction during 2008—they reissued 6,000 shares held in treasury on Sept 1st 2008. The basic earnings per share for 2008 is:

Reference no: EM13822988

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Equipment with a fair value-carrying value : Morris, Inc. Corporation purchased equipment with a fair value of $600,000 on a 6 percent note. The note requires five end-of-year payments of $142,438. What would be the carrying value of the note immediately after the second payment?

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