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Category > Accounting Posted 11 Dec 2017 My Price 10.00

James Rago signed an agreement

On July 1, 2010, James Rago signed an agreement to operate as a franchisee of Fast Foods, Inc. for an initial franchise fee of $60,000. Of this amount, $20,000 was paid when the agreement was signed and the balance is payable in four equal annual payments of $10,000 beginning July 1, 2011. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. Rago’s credit rating indicates that he can borrow money at 14% for a loan of this type. Information on present and future value factors is as follows:

Present value of $1 at 14% for four periods 0.59

Future amount of $1 at 14% for four periods 1.69

Present value of an ordinary annuity of $1 at 14% for four periods 2.91

Rago should record the acquisition cost of the franchise on July 1, 2010 at

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CourseLover
(12)
Status NEW Posted 11 Dec 2017 06:12 AM My Price 10.00

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