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Entries for zero interest bearing notes. On jan 1 2013 McPean Company makes the two following acquisitions:
1. Purchases land having a fair value of $3000000 by issuing a 5 year, zero interest bearing promissory note in the face amout of $505,518.
2. Pirchases equiemr by issuing a 6% 8 year promissory note having a maturity value of $400,0oo interest payable annually.
Capital Budgeting Case
Create journal entries for each of these events. Also create any needed entries to accrue interest on the notes at 31st December. 2005.
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Evaluate the depreciation expense for the second years of operation using (a) straight-line method, (b) units of production, (c) declining balance method at twice the straight line rate and (d) sum of the years method.
Assume that the quantity demanded at the price calculated in part a is only 600 units. Illustrate what are the full costs of the globe, and what is the price with a 25 percent markup?
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