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Category > Accounting Posted 18 Aug 2017 My Price 8.00

Ellen Greene Company

On January 1, 2014, Ellen Greene Company makes the two following acquisitions.

1.		Purchases land having a fair value of $200,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $337,012.
2.		Purchases equipment by issuing a 6%, 8-year promissory note having a maturity value of $250,000. (interest payable annually).

The company has to pay 11% interest for funds from its bank.

(a)		Record the two journal entries that should be recorded by Ellen Greene Company for the two purchases on January 1, 2014.
(b)		Record the interest at the end of the first year on both notes using the effective-interest method.

(Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
(a) 1.	January 1, 2014


2.	January 1, 2014


(b) 1.	December 31, 2014

2.	December 31, 2014

Answers

Maurice Tutor

(5)

Status NEW Posted 18 Aug 2017 04:08 PM My Price 8.00

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