Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 16 Aug 2017 My Price 4.00

Volusia Computer Company.

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15.   Amortization schedule for note where stated interest rate differs from historical market rate of interest. Hager Company acquires a computer from Volusia Computer Company. The cash price (fair value) of the computer is $37,938. Hager Company gives a three-year, interest-bearing note with a maturity value of $40,000. The note requires annual payments of 6% of face value, or $2,400 per year, payable at the end of each year. The interest rate implicit in the note is 8% per year.

a.   Prepare an amortization schedule for the note similar to Exhibit 11.2.

b.   Prepare journal entries for Hager Company over the life of the note. Ignore entries for depreciation expense on the computer.

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Aug 2017 08:08 PM My Price 4.00

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