Business, 12.03.2021 15:30 Mhayslett12

On June 30, 2021, the Johnstone Company purchased equipment from Genovese Corp. Johnstone agreed to pay Genovese $10,000 on the purchase date and the balance in five annual installments of $8,000 on each June 30 beginning June 30, 2022. Assuming that an interest rate of 10% properly reflects the time value of money in this situation, at what amount should Johnstone value the equipment?

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On June 30, 2021, the Johnstone Company purchased equipment from Genovese Corp. Johnstone agreed to...

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