Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. current attempt in progress cullumber company sel

Current Attempt in Progress Cullumber Company sells land with a book value of $143750...

60.1K

Verified Solution

Question

Accounting

Current Attempt in Progress
Cullumber Company sells land with a book value of $143750 to Marin Corp. in exchange for a $230000 zero-interest-bearing note payable in 3 years. The market rate of interest for a transaction of this nature for Marin is 8%. The present value of 1 at 8% for 3 years is 0.7938 and the present value of an ordinary annuity of 1 at 8% for 3 years is 2.5771. If the sale occurred on January 1 and the fiscal year ends on December 31, the journal entry amount for interest revenue at the second year using the effective-interest method (rounded to the nearest dollar) is
$15774.
$14606.
$15815.
$14750.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Directions Determine if each of the following statements is true or false If the statement...

Biology
Q

Explain the role of climate fluctuations in the origins and evolution of the first true primates,...

Medical Sciences
Q

NPV versus IRR Consider the following cash flows on two mutually exclusive projects for the Bahamas Recreation Corporation....

Finance
Q

how does David mccullough's speech \"you are not special\" support the argument that people in...

Psychology
Q

What waste product s are given off by geothermal plants Steam and natural gas Water...

Biology
Q

UwifadVEZ You have been tasked with collecting 100 pressure transducer to be installed data at...

Basic Math
Q

Use the order of operations to simplify the expression 6 61 2 6 5 4...

Basic Math
Q

Suppose that a large farm with a known reservoir of gas beneath the ground sells...

Basic Math
Q

f x ab in red g x c d in blue and h x pq...

Basic Math
Q

Recall the previously determined values po 0 85 and n 160 Now we are to...

Statistics
Q

14 A sign is hanging from a storefront The two ropes holding it are fixed...

Calculus
Q

1. Efrain owns 1,000 shares of RJ Inc. common stock which he purchased three years...

Accounting