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Prepare amortization table using effective interest method

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Reference no: EM132828172

Problem 1: On January 1, 20x1, ABC Co. sold a transportation equipment with a historical cost of ?1,000,000 and accumulated depreciation of ?300,000 in exchange for cash of ?100,000 and a noninterest-bearing note receivable of ?800,000 due on January 1, 20x4. The prevailing rate of interest for this type of note is 12%. Prepare the amortization table using effective interest method.

Reference no: EM132828172

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