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Problem - Notes Receivable On January 1, 2019, Lisa Company sold machinery with a book value of $118,000 to Mark Company. Mark signed a $180,000 non-interest-bearing note, payable in three $60,000 annual installments on December 31, 2019, 2020, and 2021. The fair value of the machinery was $149,211.12 on the date of sale. The machinery had been purchased by Lisa at a cost of $160,000.
Required -
1. Prepare all the journal entries on Lisa's books for January 1, 2019, through December 31, 2021.
2. Prepare the notes receivable portion of Lisa's balance sheet on December 31, 2019 and 2020.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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