Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2021, xyz corporation sold equipment

On January 1, 2021, XYZ Corporation sold equipment that had a cost of $350,000 and...

70.2K

Verified Solution

Question

Accounting

On January 1, 2021, XYZ Corporation sold equipment that had a cost of $350,000 and accumulated depreciation of 128,000 to ABC. XYZ received as consideration a down payment of $100,000 and a $200,000 non-interest-bearing note due on December 31, 2024. The prevailing rate of interest for a note of this type on January 1, 2021, was 4%.

image

image

3. what is the total interest revenue that would be recognized over the life of the note by XYZ?

please show work. thanks

art B on January 1, 2021, XYZ Corporatior XYZ received as consideration a down payment of $100,000 and prevailing rate of interest for a note of this type on January 1, 2021, was 4% Present Future Present Yale ! value of an value of an ordinary ordinary anty annuity doe 424546 3.62990 3.77509 45 insulty Future Present Value of 1 value of 1 0.85480 1.18986 4 One Debit 1.) 1.) Prepare the journal entry to record XYZ Co.'s sale of equipment on 01.01.2L (9pts) Account Title pare the jou Debit Account Title Credit Debit 2.) Prepare the journal entry(s) for year ended 12/3122(Le end of the second year), if any, associated with this sale of equipment (dprt) Account Title pized over the life of the note by XYZ? (2pcs)

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Bond J has a coupon rate of 7 percent and Bond K has a coupon rate...

Finance
Q

The height (h) of the water in metres at a certain point at the wave pool...

Basic Math
Q

Please use python or matlab. The function e^x −100x^2 =0 has three true solutions.Use secant method...

Advance Math
Q

1. Define and explain the differences among several kinds of employee frauds that might occur at...

Accounting
Q

resource is replaced at a constant rate regardless of how much is used it is...

Biology
Q

8 in 1 8 Find w and x 13 m 48 W to 6 m

Geometry
Q

1 The following data gives annual salaries in thousands of randomly chosen employees with college...

Statistics
Q

3 Find the solution set of each equation in the interval 0 sx 2 tanx...

Calculus
Q

Graph the solutions of the linear inequality y2x 1 4 3 2 1 4 5432...

Algebra
Q

log 6 610 X O A 5 O B 60 O C 30 OD 5

Algebra
Q

This year, Sigma Inc. generated $636,000 income from its routine business operations. In...

Accounting
Q

Which of the following is NOT a characteristic of real estate markets? Transparent process Heterogeneous...

Finance