Exhibit 13-03 ? On January 1, 2017, Train, Inc accepted an $80,000, non-interest bearing 3 year note in exchange for equipment it sold to Steam Company. Train originally purchased the equipment for $125,000, and it had a book value of $75,000 on the date of the sale. The note was non-interest-bearing. An assumed 11% interest rate is implicit in the agreement. Actual information for 11%, three
periods, follows: ? Present value of 1 0.73119 Present value of annuity of 1 2.44371 ? ? Refer to Exhibit 13-03. What amount should Train record for the discount on Notes Receivable?
A) $0
B) $16,505
C) $21,505
D) $58,495
C
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Restaurant Foods Company had cash sales of $598,000 during the month of August. Sales taxes of 6.5% were collected on the sales. Prepare the journal entry to record the sales revenue and sales tax for the month. Omit explanation.
What will be an ideal response?
Maria Ramirez is conducting research to determine consumers' personal grooming habits
Because of the personal nature of many of the survey questions, Maria wants to select the contact method that is most likely to encourage respondents to answer honestly and that will allow her to easily collect large amounts of data. Which of the following is best suited to meet Maria's requirements? A) mail questionnaires B) telephone interviews C) individual interviews D) focus group interviews E) immersion group discussions
Management by exception-active is ______.
A. a form of transformational leadership B. the non-leadership factor C. a form of transactional leadership D. more effective than contingent reward
An example of a transaction that must be disclosed as a noncash investing and financing activity includes all but which of the following?
A. The purchase of noncash assets in exchange for equity or debt securities. B. A transaction exchanging cash equivalents for cash. C. The leasing of assets in a long-term lease transaction. D. The retirement of debt by issuing equity stock. E. The purchase of long-term assets financed by issuing a note or bond.