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In: Accounting
ardinals Co purchased some equipment on 12/31/18 by issuing a $5,500,000, 2%, 5-year note calling for...
| ardinals Co purchased some equipment on 12/31/18 by issuing a $5,500,000, 2%, 5-year note calling for 5 equal annual payments, the first of which to be made on 12/31/19. The appropriate rate of interest for this type of activity is 10%. Since this is a below market interest note, the net method of recording is utilized. |
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** REQUIRED: 1) Determine the following items: a) amount of the annual payment. 1166871 ?Here are the correct answers. Can you please explain how they were computed. |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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