Reference no: EM133073525
Questions -
Q1. Gold Stripe State Bank loaned $36,000 to Wabash Men's Daycare for 18 months at an interest rate of 4.95% per year on July 1, Year 37. Wabash will pay the interest for year 37 on December 31, Year 37, and it will the pay interest for Year 38 and all principal at maturity.
1. Prepare Gold Stripe State Bank's Journal entry to record the making of the loan, and the corresponding entry recorded by Wabash Men's Daycare.
2. Prepare Gold Stripe State Bank's journal entry to record interest income for Year 1, and the Wabash Men's Daycare' corresponding entry to record interest expense.
3. Prepare Gold Stripe State Bank's journal entry to record its receipt of interest and principal upon the loan's maturity, and the corresponding entries made by Wabash Men's Daycare to record the principal and interest payment.
Q2. Van Winkle Shipping Corporation purchased 10 new Freightliner Tractor semi trucks on February 28 of the current year at a cost of $165,900 per truck. The trucks have estimated useful lives at the time of purchase of 10 years, and each truck has an estimated residual value of $37,750 The company reports on a calendar year basis.
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Prepare Gold Stripe State Bank Journal entry
: Prepare Gold Stripe State Bank's Journal entry to record the making of the loan, and the corresponding entry recorded by Wabash Men's Daycare
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Compute the simple interest INT
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