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Make the amortization table using effective interest method

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Reference no: EM132828176

Problem 1: On January 1, 20x1, ABC Co. sold transportation equipment with a historical cost of ?12,000,000 and accumulated depreciation of ?7,000,000 in exchange for cash of ?100,000 and a noninterest-bearing note receivable of ?4,000,000 due in 4 equal annual installments starting on January 1, 20x1 and every January 1 thereafter. The prevailing rate of interest for this type of note is 12%. Prepare the amortization table using effective interest method.

Reference no: EM132828176

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