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| Teaching Since: | May 2017 |
| Last Sign in: | 402 Weeks Ago, 4 Days Ago |
| Questions Answered: | 66690 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
2. (TCO A) Kerry Corp purchased a used bottling machine from Bob's Bottling Inc. on Jan 1, 2012 for $450000. Bob accounted for the sale correctly under the installment sales method. It had a book value of $225000. Kerry paid with $75000 cash and a note for $375000 with an annual interest of 10%. Kerry agreed to make equal annual payments of $125000. Kerry Corp made their first payment on Jan 1, 2013 of $162500 which included interest of $37500 to date of payment. As of Dec 31, 2013 Bob has deferred gross profit of? (Points : 5) $162,500 $125,000 $143,750 $106,250
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