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Question - XYZ, Inc. has purchased new equipment. The contract with the manufacturer requires XYZ to make a $10,000 down payment and to sign a note to pay $50,000 per year at the end of each of the next 6 years at an annual interest rate of 8%. Each equal payment of $50,000 includes principal and interest on the unpaid balance.
a. At what amount should XYZ record the equipment on the date of acquisition? Use the present value tables and Excel.
b. Prepare the journal entry to record the equipment purchase.
c. Prepare the journal entries to record the payments XYZ makes at the end of the first and the end of the second year.
Describe the interest rate risk that she is facing. Is it better if interest rates increase or decrease? What will be the locked in sale price
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Dividends of $21,000 were recorded as a debit to Wages Expense and a credit to Cash. Journalize the entries to correct the errors
Dealers paid $139,000 after deducting commission. Prepare consignor's summary entries for these transactions
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20122011from the income statementnet sales729373678960from the balance sheetaccounts receivable net1491915036customer
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