Business, 06.04.2021 01:30 quintonps12

On December 31, 2020, Vaughn Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Vaughn Co. agreed to accept a $261,600 zero-interest-bearing note due December 31, 2022, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 10%. Vaughn is much more creditworthy and has various lines of credit at 6%. Prepare the journal entry to record the transaction of December 31, 2015, for the Ed Abbey Co. (Round present value factor calculations to 5 decimal places, e. g. 1.25124 and final answers to O decimal places, e. g. 5,275. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically Indented when the amount is entered. Do not indent manually.)

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On December 31, 2020, Vaughn Co. performed environmental consulting services for Hayduke Co. Hayduke...

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