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Category > Management Posted 05 May 2018 My Price 6.00

Novak Company

Exercise 14-16

 

On January 1, 2017, Novak Company makes the two following acquisitions.

 

1.   Purchases land having a fair value of $280,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $471,816.
2.   Purchases equipment by issuing a 6%, 8-year promissory note having a maturity value of $460,000 (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 Novak Company for the two purchases on January 1, 2017.
   
(b)   Record the interest at the end of the first year on both notes using the effective-interest method.

 

No. Date Account Title Debit Credit
(a.) 1. 1/1/17      
         
         
2. 1/1/17      
         
         
(b.) 1. 12/31/17      
         
2. 12/31/17    

Answers

Maurice Tutor
(5)
Status NEW Posted 05 May 2018 06:05 PM My Price 6.00

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