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Category > Accounting Posted 29 Jul 2017 My Price 9.00

Lambert Motors

Notes exchanged for assets; unknown effective rate

At the beginning of the year, Lambert Motors issued the three notes described below. Interest is paid at year-end.

1. The company issued a two-year, 12%, $600,000 note in exchange for a tract of land. The current market rate of interest is 12%.

2. Lambert acquired some office equipment with a fair value of $94,643 by issuing a one-year, $100,000 note. The stated interest on the note is 6%.

3. The company purchased a building by issuing a three-year installment note. The note is to be repaid in equal installments of $1 million per year beginning one year hence. The current market rate of interest is 12%.

Required:

Prepare the journal entries to record each of the three transactions and the interest expense at the end of the first year for each.

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Jul 2017 10:07 PM My Price 9.00

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