Reference no: EM132420602
On January 2, Summers Company received a machine that the company had ordered with an invoice price of $101,000. Freight costs of $600 were paid by the vendor per the sales agreement. The company exchanged the following on January 2 to acquire the machine:
a. Issued 1,200 shares of Summers Company common stock, par value $1 (market value, $3.50 per share).
b. Signed a note payable for $65,000 with an 10.7 percent interest rate (principal plus interest are due April 1 of the current year).
c. The balance of the invoice price was on account with the vendor, to be paid in cash by January 12.
On January 12, Summers Company paid the balance due on its accounts payable to the vendor.
QUESTION 1: Record the Purchase of Equipment (Jan 2):
QUESTION 2: Record the Balance Paid from Jan 2 Purchase:
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