On dec 31 2013 neyo co purchased machinery at 9593337 the

Reference no: EM13600723

On Dec. 31, 2013 Neyo Co. purchased machinery at $95,933.37. The co. paid $20,000 down & agreed to finance the remainder by making 4 equal payments each Dec. 31 at the implicit interest rate of 12%.

1) Determine the amount of the annual payments to be made under the financing agreement.
2) Prepare the journal entry to record the aquisition of the machinery on Dec. 31, 2013
3) Prepare the journal entry at Dec. 31, 2014

Reference no: EM13600723

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