On January 1, 2020, Jacobs Company sells land financed through a $16,000 note, issued by Andress Company. The note is a $16,000, 4%, annual interest-bearing note. Andress agrees to repay the $16,000 proceeds on December 31, 2021. The prevailing interest rate on similar notes is 8%. Assume that the cost of the land is equal to the fair value of the note
Required:
Prepare all entries for Jacobs over the note term, including any year-end adjustments.
Answers: 2
Another question on Business
Business, 22.06.2019 13:50
The retained earnings account has a credit balance of $24,650 before closing entries are made. if total revenues for the period are $77,700, total expenses are $56,900, and dividends are $13,050, what is the ending balance in the retained earnings account after all closing entries are made?
Answers: 2
Business, 22.06.2019 16:10
The brs corporation makes collections on sales according to the following schedule: 30% in month of sale 66% in month following sale 4% in second month following sale the following sales have been budgeted: sales april $ 130,000 may $ 150,000 june $ 140,000 budgeted cash collections in june would be:
Answers: 1
Business, 23.06.2019 01:30
Determine allison's december 31, 2018, investment in mathias balance.
Answers: 2
You know the right answer?
On January 1, 2020, Jacobs Company sells land financed through a $16,000 note, issued by Andress Com...
Questions
History, 15.04.2021 14:20
Mathematics, 15.04.2021 14:20
Mathematics, 15.04.2021 14:20
Mathematics, 15.04.2021 14:20
Mathematics, 15.04.2021 14:20
Computers and Technology, 15.04.2021 14:20
Health, 15.04.2021 14:30
SAT, 15.04.2021 14:30
Mathematics, 15.04.2021 14:30
