X purchased a computer on December 31, 2019, for $121,800, paying $34,800 down and agreeing to...

X purchased a computer on December 31, 2019, for $121,800, paying $34,800 down and agreeing to pay the balance in five equal installments of $17,400 payable each December 31 beginning in 2020. An assumed interest rate of 8% is implicit in the purchase price.

How do I find the discount on Notes Payable using BAII plus calculator (please state all buttons used) at
1)Date of purchase, which is Dec 31, 2019
2)Dec 31,2020

3)Dec 31, 2021

Expert Solution

ekkarill92 answered 1 year ago

Teal Corporation purchased a computer on December 31, 2019, for $132,300, paying $37,800 down and agreeing...

Teal Corporation purchased a computer on December 31, 2019, for $132,300, paying $37,800 down and agreeing to pay the balance in five equal installments of $18,900 payable each December 31 beginning in 2020. An assumed interest rate of 9% is implicit in the purchase price.New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct. Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places,...

Bridgeport Corporation purchased a computer on December 31, 2016, for $113,400, paying $32,400 down and agreeing...

Bridgeport Corporation purchased a computer on December 31, 2016, for $113,400, paying $32,400 down and agreeing to pay the balance on five equal installments of $16,200 payable each December 31 beginning in 2017. An assumed interest rate of 8% is implicit in the purchase price. Prepare the journal entry at the data of purchase. Prepare the journal entry at December 31, 2017, to record the payment and interest (effective-interest method employed). Prepare the journal entry at December 31, 2018, to...

Sweet Corporation purchased a computer on December 31, 2016, for $132,300, paying $37,800 down and agreeing...

Sweet Corporation purchased a computer on December 31, 2016, for $132,300, paying $37,800 down and agreeing to pay the balance in five equal installments of $18,900 payable each December 31 beginning in 2017. An assumed interest rate of 9% is implicit in the purchase price. Prepare the journal entry at December 31, 2018, to record the payment and interest (effective-interest method employed). (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered....

Sarasota Corporation purchased a computer on December 31, 2016, for $121,800, paying $34,800 down and agreeing...

Sarasota Corporation purchased a computer on December 31, 2016, for $121,800, paying $34,800 down and agreeing to pay the balance in five equal installments of $17,400 payable each December 31 beginning in 2017. An assumed interest rate of 8% is implicit in the purchase price. a. Prepare the journal entry at the date of purchase. b. Prepare the journal entry at December 31, 2017, to record the payment and interest (effective-interest method employed). c. Prepare the journal entry at December...

Problem 14-09 Sabonis Cosmetics Co. purchased machinery on December 31, 2019, paying $50,000 down and agreeing...

Problem 14-09 Sabonis Cosmetics Co. purchased machinery on December 31, 2019, paying $50,000 down and agreeing to pay the balance in four equal installments of $40,000 payable each December 31. An assumed interest of 8% is implicit in the purchase price. Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates. (a)December 31, 2019.(b)December 31, 2020.(c)December 31, 2021.(d)December 31, 2022.(e)December 31, 2023.

Shamrock Cosmetics Co. purchased machinery on December 31, 2016, paying $45,000 down and agreeing to pay...

Shamrock Cosmetics Co. purchased machinery on December 31, 2016, paying $45,000 down and agreeing to pay the balance in four equal installments of $45,600 payable each December 31. An assumed interest of 8% is implicit in the purchase price. Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the...

Blossom Cosmetics Co. purchased machinery on December 31, 2016, paying $48,000 down and agreeing to pay...

Blossom Cosmetics Co. purchased machinery on December 31, 2016, paying $48,000 down and agreeing to pay the balance in four equal installments of $47,200 payable each December 31. An assumed interest of 9% is implicit in the purchase price. Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the...

Problem 14-9 Ayayai Cosmetics Co. purchased machinery on December 31, 2016, paying $55,000 down and agreeing...

Problem 14-9 Ayayai Cosmetics Co. purchased machinery on December 31, 2016, paying $55,000 down and agreeing to pay the balance in four equal installments of $56,800 payable each December 31. An assumed interest of 9% is implicit in the purchase price. Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry"...

Problem 14-9 Pearl Cosmetics Co. purchased machinery on December 31, 2016, paying $46,100 down and agreeing...

Problem 14-9 Pearl Cosmetics Co. purchased machinery on December 31, 2016, paying $46,100 down and agreeing to pay the balance in four equal installments of $50,400 payable each December 31. An assumed interest of 10% is implicit in the purchase price. Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry"...

Problem 14-9 Grouper Cosmetics Co. purchased machinery on December 31, 2016, paying $52,300 down and agreeing...

Problem 14-9 Grouper Cosmetics Co. purchased machinery on December 31, 2016, paying $52,300 down and agreeing to pay the balance in four equal installments of $44,800 payable each December 31. An assumed interest of 8% is implicit in the purchase price. Prepare the journal entries that would be recorded for the purchase and for (1) the payments and (2) interest on the following dates. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry"...

Question