Maurice Tutor

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About Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 408 Weeks Ago, 5 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 09 Jan 2018 My Price 7.00

Faital Company

(Entries for Zero-Interest-Bearing Note) On December 31, 2014, Faital Company acquired a computer from Plato Corporation by issuing a $600,000 zero-interest-bearing note, payable in full on December 31, 2018. Faital Company’s credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a $70,000 salvage value.

Instructions

(Round answers to the nearest cent)

(a) Prepare the journal entry for the purchase on December 31, 2014.

(b) Prepare any necessary adjusting entries relative to depreciation (use straight-line) and amortization (use effective-interest method) on December 31, 2015.

(c) Prepare any necessary adjusting entries relative to depreciation and amortization on December 31, 2016.

Answers

Maurice Tutor
(5)
Status NEW Posted 09 Jan 2018 12:01 PM My Price 7.00

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