Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 6 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 > Accounting Posted 29 Jul 2017 My Price 9.00

VHF Industries

Noninterest-bearing installment note

At the beginning of 2016, VHF Industries acquired a machine with a fair value of $6,074,700 by issuing a fouryear, noninterest-bearing note in the face amount of $8 million. The note is payable in four annual installments of $2 million at the end of each year.

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.

3. Prepare the journal entry to record the first installment payment at December 31, 2016.

4. Prepare the journal entry to record the second installment payment at December 31, 2017.

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 11%. Prepare the journal entry to record the purchase of the machine.

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Jul 2017 08:07 PM My Price 9.00

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