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NOTES RECEIVABLE
Frenchie, Inc., a truck dealership, sells a truck costing $15,000 to Overvalued Company on January 1, 2009, in exchange for a $30,000 note bearing 12 percent interest.
1. Prepare the journal entry to record the sale on January 1, 2009.
2. Determine how much interest Frenchie will receive if the note is repaid on December 31, 2009.
3. Prepare Frenchie's journal entry to record the cash received to pay off the note and interest on December 31, 2009.
Coburn (beginning capital, $55,000) and Webb (beginning capital $95,000) are partners. During 2017, the partnership earned net income of $71,000, and Coburn made drawings of $17,000 while Webb made drawings of $25,000. Assume the partnership income-s..
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Jones Company has decided to self insure the risk of losses related to auto insurance claims. Under state law, Jones is allowed to post a $100,000 bond with the state insurance commission to cover liability losses from at fault auto accidents instead..
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On December 1, 1976, Bart made a gift and claimed a $30,000 specific exemption. When Bart died in 2008, his tax base was $2,000,000. Assuming the maximum unified credit is $780,800, what is the credit available when computing Bart's estate tax is wha..
Calaf’s Drillers erects and places into service an off-shore oil platform on January 1, 2015, at a cost of $10,366,000. Calaf is legally required to dismantle and remove the platform at the end of its useful life in 10 years. Calaf estimates it will ..
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