Maurice Tutor

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    Argosy University/ Phoniex University/
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    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 11.00

VHF Industries

4.

value:
10.00 points

At the beginning of 2013, VHF Industries acquired a machine with a fair market value of $9,245,760 by issuing a six-year, noninterest-bearing note in the face amount of $12 million. The note is payable in six annual installments of $2 million at the end of each year. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

   

Required:
1. What is the effective rate of interest implicit in the agreement?
   

        

2.

Prepare the journal entry to record the purchase of the machine. (If no entry is required for a transaction, select "No journal entry required" in the first account field.)
   

        

3.

Prepare the journal entry to record the first installment payment at December 31, 2013. (If no entry is required for a transaction, select "No journal entry required" in the first account field.)
   

         

4.

Prepare the journal entry to record the second installment payment at December 31, 2014. (If no entry is required for a transaction, select "No journal entry required" in the first account field.)
   

            

5.

Suppose the market value of the machine was unknown at the time of purchase, but the market rate of interest for notes of similar risk was 7%. Prepare the journal entry to record the purchase of the machine. (If no entry is required for a transaction, select "No journal entry required" in the first account field.)

 

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 02:08 PM My Price 11.00

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