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Problem:
On January 1,2020, Honesty Manufacturing Company purchased equipment from Morality Inc. There was no estbalished market price for the equipment which has an 8 year life and no salvage value. Honesty gave Morality a 105,000 zero interest bearing note payable in 3 equal annual installments of 35,000 with the first payment due on December 31,200. The prevailing interest rate of interest for a note of this type is 8%. The present value of the note at 8% was 90,199.
1.) What amount will be reported in Honesty Company's 2020 income statement?
.2.) What amount will be reported in Honesty Company's 2020 Statement of Financial Position as Accrued Interest Payable?
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