Prepare an amortization schedule and prepare journal entry (thru year 2020-2024) E7.13 (LO 4) (Note Transactions...

Prepare an amortization schedule and prepare journal entry (thru year 2020-2024)
E7.13 (LO 4) (Note Transactions at Unrealistic Interest Rates) On July 1, 2020, Agincourt Inc. made two sales.

1. It sold land having a fair value of $700,000 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,101,460. The land is carried on Agincourt’s books at a cost of $590,000.

2. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $400,000 (interest payable annually).

Expert Solution

Hence 3% Interest Bond interest for the year-end of 2020 $6,000/-

ekkarill92 answered 1 year ago

prepare the journal entry to record payment of the note at maturity

Question: On November 7, 2017, Mura Company borrows $160,000 cash by signing a 90-day, 8% note payable with a face value of $160,000. (1) Compute the accrued interest payable on December 31, 2017, (2) prepare the journal entry to record the accrued interest expense at December 31, 2017, and (3) prepare the journal entry to record payment of the note at maturity

Prepare an amortization schedule for a three-year loan of $24,000.

Prepare an amortization schedule for a three-year loan of $24,000. The interest rate is 16 percent per year, and the loan calls for equal principal payments.

Your 30 year mortgage is $350,000 with an interest rate of 4%. Prepare the amortization schedule...

Your 30 year mortgage is $350,000 with an interest rate of 4%. Prepare the amortization schedule for repayment of the mortgage

Prepare amortization schedule for the bond issuances. Note interest is semi- annual for the coupon bonds...

Prepare amortization schedule for the bond issuances. Note interest is semi- annual for the coupon bonds and you may assume annual for the zero- coupon bonds. ABC Co. issued $3,527 million face value, 20-year, zero coupon bonds on July 1, 2017 that mature June 30, 2037 for a cash price of $2,619 million. The effective market interest rate at issuance was 1.5%. Amounts shown in millions.

Amortization with Equal Payments. Prepare an amortization schedule for a three-year loan of $57,000. The interest...

Amortization with Equal Payments. Prepare an amortization schedule for a three-year loan of $57,000. The interest rate is 8 percent per year, and the loan calls for equal annual payments. How much interest is paid in the third year? How much total interest is paid over the life of the loan?

Prepare the journal entry to record the following equity transactions. Assume the transactions are independent from...

Prepare the journal entry to record the following equity transactions. Assume the transactions are independent from each other. (a) The shareholders' equity of Tru Corporation includes $600,000 of $1 par common stock and $1,200,000 par of 6% cumulative preferred stock. The board of directors of Tru declared cash dividends of $150,000 in 2021 after paying $60,000 cash dividends in each of 2020 and 2019. Required: Journal Entry (b) In 2021, Poe's Products completed the treasury stock transactions described below. January...

a. Prepare the amortization schedule for a thirty-year loan of $100,000. The APR is 3% and...

a. Prepare the amortization schedule for a thirty-year loan of $100,000. The APR is 3% and the loan calls for equal monthly payments. The following table shows how you should prepare the amortization schedule for the loan. Month Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance 1 $100,000.00 b. Use the annuity formula to find how much principal you still owe to the bank at the end of the third year. Check that this value is the same...

For 2020, prepare a pension worksheet for Brownie Company that shows the journal entry for pension...

For 2020, prepare a pension worksheet for Brownie Company that shows the journal entry for pension expense and the year-end balances in the related pension accounts. Projected benefit obligation,1/1/20 (before) $580,000 Plan assets, 1/1/20 565,600 Pension liability 14,400 On January 1, 2020, Crane Corp., through plan grants prior service benefits having a present value of 93,000 Settlement rate 9% Service cost 54,000 Contributions (funding) 71,000 Actual (expected) return on plan assets 54,600 Benefits paid to retirees 40,000 Prior service cost...

Prepare journal entries in general journal format to record the following transactions for the 2020 fiscal...

Prepare journal entries in general journal format to record the following transactions for the 2020 fiscal year for the City of Portage General Fund (Subsidiary detail may be omitted.). The budget prepared for the fiscal year included estimated revenues of $3,774,000, appropriations of $3,695,000 and estimated other financing uses of $35,000. Purchase orders in the amount of $838,000 were mailed to vendors The current year’s tax levy of $3,005,000 was recorded; uncollectibles taxes were estimated to be 2% of the...

Instructions: Prepare the general ledger journal entries for the transactions. If no entry is required, do...

Instructions: Prepare the general ledger journal entries for the transactions. If no entry is required, do not leave it blank. State "No Entry Required" and briefly explain why. Transactions: 1.The City Council approved the following budget for the fiscal year: Appropriations......................................................................................... 14,000 Estimated Revenues................................................................................. 12,000 Of these amounts, $8,000 is for operating expenditures and $10,000 is for property tax revenues. 2. The property tax levy was recorded, $10,000, of which 3% will probably prove uncollectible. 3. The city...

Question