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Problem 14-13 Note and installment note with unrealistic interest rate [LO14-3]Braxton Technologies, Inc., constructed a conveyor for A&G Warehousers that was completed and ready for use on January 1, 2013. A&G paid for the conveyor by issuing a $100,000, four-year note that specified 5% interest to be paid on December 31 of each year, and the note is to be repaid at the end of four years. The conveyor was custom-built for A&G, so its cash price was unknown. By comparison with similar transactions it was determined that a reasonable interest rate was 11%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)Required:1. Prepare the journal entry for A&G's purchase of the conveyor on January 1, 2013. (If no entry is required for a transaction, select "No journal entry required" in the first account field.)2. Prepare an amortization schedule for the four-year term of the note.3. Prepare the journal entry for A&G's third interest payment on December 31, 2015. (If no entry is required for a transaction, select "No journal entry required" in the first account field.)4. If A&G's note had been an installment note to be paid in four equal payments at the end of each year beginning December 31, 2013, what would be the amount of each installment?
The company has an unrecognized gain of $60,000. To what extent will the unrecognized gain reduce current-year pension expense?
Identify and briefly explain the two main categories of fraud which are of major concern to auditors.
Teff entered Archer's office and stole from Archer some radios and Archer's wallet containing identification. Subsequently, representing himself as Archer, Teff induced Bane to purchase one of the stolen radios for a fair price.
Gilbert expects to receive 70% of his revenues in cash during the month of sale and 30% in the following month. Gilbert receives his dolls on consignment, with the purchase price being due at the time of the sale. Thus, Gilbert's cash outflow for ..
If the contribution margin ratio for Carnegie Company is 32%, sales were $900,000, and fixed costs were $210,000, what was the income from operations?
Micro spinoffs,Inc issued an 20-year-old debt a year ago at par value with a coupon rate of 8 percent, paid annually. Today, the debt is selling at $1050. If the firm is tax bracket is 35 percent, what is its after-tax cost of debt?
1. Determine the total compensation cost pertaining to the restricted shares. 2. Prepare the appropriate journal entry to record the award of restricted shares on January 1, 2006.
Corporate fraud has become a hot topic in the accounting profession for the last several years. When conducting an audit, an auditor may encounter some corporate fraud.
Sophia inherited 1,000 shares of IBM. The father's cost was $2 per share at the time of purchase and 484 per share at the time of his death. Sophia sold them at $86 per share. Calculate the total amount of her capital gain.
A company $100 million of fixed interest rate bonds payable at $98 million. At year-end, the bonds were selling in the bond market at $97 million. What entry would Moore Company make at year-end to record the change in selling price?
Assuming sales volume is expected to be the same in the upcoming year as it was in the past year, give three separate options the company could implement in order to achieve their target profit in the upcoming year.
A local finance company quotes a 16.8 percent interest rate on one-year loans. So, if you borrow $30,000, the interest for the year will be $5,040. Because you must repay a total of $35,040 in one year, the finance company requires you to pay $35,..
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