On december 31 2004 international refining company

Assignment Help Accounting Basics

Reference no: EM13592013

On December 31, 2004, International Refining Company purchased machinery having a cash selling price of $85,933.75. The company paid $10,000 down and agreed to finance the remainder by making four equal payments each December 31 at the implicit 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 acquisition of the machinery on December 31, 2004.

(3)Prepare the journal entry at December 31, 2005.

Reference no: EM13592013

Questions Cloud

Estimate how many feet by assuming that the sand grains are : 1 mol of sand grains would cover the state of texas to several feet. estimate how many feet by assuming that the sand

The experiment is performed with hexane a final weight for : the experiment is performed with hexane. a final weight for the gas of 0.31 grams is obtained. what is the value for n

Discuss the mechanism of oscillating reactions using the : discuss the mechanism of oscillating reactions using the briggs-rauscher or the belousov-zhabotinsky reactions as

How many mmol of acetic acid hc2h3o2 are required to react : how many mmol of acetic acid hc2h3o2 are required to react with the naoh? if your titration solution is 0.424 m in naoh

On december 31 2004 international refining company : on december 31 2004 international refining company purchased machinery having a cash selling price of 85933.75. the

Fleet inc is an athletic footware company that began : fleet inc. is an athletic footware company that began operations on january 1 2012. the following transactions relate

Fleet inc manufactured 700 units of product a a new product : fleet inc. manufactured 700 units of product a a new product in 2001. product as variable and fixed manufacturing costs

In the northern states during winter salt is sprinkled on : in the northern states during winter salt is sprinkled on roads to reduce the formation of ice. what chemical

A titration is performed on 13245g of a sample of a : a titration is performed on 1.3245g of a sample of a diprotic acid that is dissolved in 50 ml of water. if 44.10 ml of

User Account

All Pages