Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on september 30,2024, a company acquired a patent.

On September 30,2024, a company acquired a patent. The agreement specified that the company will...

70.2K

Verified Solution

Question

Accounting

On September 30,2024, a company acquired a patent. The agreement specified that the company will pay $1,400,000 immediately and then another $1,400,000 on September 30,2026. An interest rate of 8% reflects the time value of money for this type of loan agreement. of $1 PVA of $1)
What amount of interest expense, if any, would the company record on December 31,2024, the company's fiscal year end?
Note: Round your answer to nearest whole dollar amount.
Multiple Choice
$75,546
$24,006
$26,859
$114,295
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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

After the test results came back, Dr. T tells Y that the kidney anomaly in her...

Medical Sciences
Q

8. Draw a flow diagram for this experiment. Indicate which phase contains each of the compounds...

Chemistry
Q

2 3 2 Test CST Genes and Traits Question 17 01 23 Which type of...

Biology
Q

A parallel plate capacitor is of area 6 cm and a separation 3 mm The...

Physics
Q

If DE 4u and DG u 24 find the value of u that makes quadrilateral...

Geometry
Q

5 The angles shown below are acute and sin a cos b If a 4k...

Geometry
Q

According to the U.S. Census Bureau, the population of the United States in 2008was 304...

Basic Math
Q

Please help me find Fifo and Lifo, aswell as cost of goods sold in fifo...

Accounting
Q

Delta Ltd. has net income of $3,000,000 and 1,100,000 shares outstanding. Its common stock is...

Accounting
Q

A budget serves as a benchmark against which: actual results can be compared. allocated results...

Accounting
Q

After the success of the companys first two months, Santana Rey continues to operate Business...

Accounting
Q

[The following information applies to the questions displayed below.] Schlitterbahn Waterslide Company issued 32,000, 10-year,...

Accounting