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On June 1, 2020, Sheridan Company sold some equipment to Sheffield Company. The two companies...

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Accounting

On June 1, 2020, Sheridan Company sold some equipment to Sheffield Company. The two companies entered into an installment sales contract at a rate of 7%. The contract required 5 equal annual payments with the first payment due on June 1, 2020. What type of compound interest table is appropriate for this situation?

Future amount of an ordinary annuity of 1 table.

Future amount of 1 table.

Present value of an annuity due of 1 table.

Present value of an ordinary annuity of 1 table.

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