1 answer

I need help answering this question, Crane Inc. decided to purchase equipment from Central Ontario Industries...

Question:

Prepare the journal entry at the end of the second year to record the payment of principal and interest. (Credit account titl

I need help answering this question, Crane Inc. decided to purchase equipment from Central Ontario Industries on January 2, 2020, to expand its production capacity to meet customers’ demand for its product. Crane issued a $880,000, 4-year, non–interest-bearing note to Central Ontario for the new equipment when the prevailing market interest rate for obligations of this nature was 11%. The company will pay off the note in 4 $220,000 instalments due at the end of each year of the note’s life. (The tables in this problem are to be used as a reference for this problem.)

We were unable to transcribe this image
Prepare the journal entry at the end of the second year to record the payment of principal and interest. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round final answers to o decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation Dec. 31, 2021 Notes Payable Interest Expense Cash SHOW LIST OF ACCOUNTS LINK TO TEXT Assuming that the equipment has an 8-year life and no residual value, prepare the journal entry that is needed to record depreciation in the first year. (The straight-line method is used.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round final answers to o decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Depreciation Expense epreciation - Equipment44 SHOW LIST OF ACCOUNTS LINK TO TEXT

Answers

Calculation of Present value of Notes payable 11 12. Amount of Installment of Notes Payable Present Value of annuity@11% for35 c) Prepare the journal entry(ies) at the end of the second year to record the payment and interest. 36 Debit Credit Date A

.

Similar Solved Questions

1 answer
Can you find the volume?
My teacher requires work to be shown, if its not too much trouble please show work!! thank you:)...
1 answer
The two shafts are made of A-36 steel. Each has a diameter of 23 mm and...
The two shafts are made of A-36 steel. Each has a diameter of 23 mm and they are connected using the gears fixed to their ends. Their other ends are attached to fixed supports at A and B. They are also supported by journal bearings at C and D, which allow free rotation of the shafts along their axes...
1 answer
Question 5 (1 point) If (1.69x10^1) g of silicon react with (3.402x10^1) g of chlorine gas...
Question 5 (1 point) If (1.69x10^1) g of silicon react with (3.402x10^1) g of chlorine gas to form silicon tetrachloride. What mass of silicon tetrachloride forms? Note: Your answer is assumed to be reduced to the highest power possible. Your Answer: Answer Question 6 (1 point) What is the molarity ...
1 answer
A 4 kg block moving to the right at 1 m/s over a frictionless surface strikes a 4 kg block moving to the left at 2 m/s....
A 4 kg block moving to the right at 1 m/s over a frictionless surface strikes a 4 kg block moving to the left at 2 m/s. The collision is totally elastic. What is the final velocity (speed and direction) of each block?...
1 answer
Sheffield has the following inventory information. July 1 Beginning Inventory 20 units at $16 $320 7...
Sheffield has the following inventory information. July 1 Beginning Inventory 20 units at $16 $320 7 Purchases 70 units at $21 1470 22 Purchases 20 units at $23 460 $2250 A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand. Using the FIFO i...
1 answer
Discuss your experience with a vulnerable population. Describe the experience and how you felt about it. Do you think yo...
Discuss your experience with a vulnerable population. Describe the experience and how you felt about it. Do you think your feelings will influence the type of care you provide, If so, in what ways?...
1 answer
Can you help us!! Thank you! C++ Write a program that can be used by a...
Can you help us!! Thank you! C++ Write a program that can be used by a small theater to sell tickets for performances. The program should display a screen that shows which seats are available and which are taken. Here is a list of tasks this program must perform • The theater's aud...
1 answer
How do you differentiate #f(x)= cscx# twice using the quotient rule?
How do you differentiate #f(x)= cscx# twice using the quotient rule?...
1 answer
A very long insulating cylinder of charge of radius 2.80 cm carries a uniform linear density...
A very long insulating cylinder of charge of radius 2.80 cm carries a uniform linear density of 18.0 nC/m . Part A If you put one probe of a voltmeter at the surface, how far from the surface must the other probe be placed so that the voltmeter reads 155 V ?...
1 answer
Please help! 51. Which type of inorganic complexes are found in the electron transport chain? A)...
please help! 51. Which type of inorganic complexes are found in the electron transport chain? A) Gold-Sulfur (Au-S) B) Titanium-Sulfur (Ti-S) C) Silver-Sulfur (Ag-S) D) Iron-Sulfur (Fe-S) 52. Which of the following statement does not support the chemiosmosis model? A) Intact mitochondria are nece...
1 answer
A large supermarket carries four qualities of ground beef. Customers are believed to purchase these four...
A large supermarket carries four qualities of ground beef. Customers are believed to purchase these four varieties with probabilities of 0.15, 0.19, 0.11, and 0.55, respectively, from the least to most expensive variety. A sample of 515purchases resulted in sales of 47, 148, 70, and 250 of the respe...
1 answer
5. Identify the products of the following reactions. You do not need to show the mechanism;...
5. Identify the products of the following reactions. You do not need to show the mechanism; just give the product of each step. (14 pts) Br CH2Br NaOCH3 fH CH3 HOCH3 HOCH3 NaOH/H20 N heat но H20...
1 answer
A 130 V (rms), 62 Hz power supply is connected to an RLC series circuit with...
A 130 V (rms), 62 Hz power supply is connected to an RLC series circuit with R = 145 Ω , L = 1.35 mH , and C = 31.0 μF . Part A: Find the reactance of the capacitor Part B: Find the reactance of the inductor Part C: Find the circuit impedance Part D: Find the peak current...
1 answer
A transistor radio operates by means of a 14 V battery that supplies it with 69...
A transistor radio operates by means of a 14 V battery that supplies it with 69 mA current. If the cost of the battery is $3.61 and it lasts for 311 h, what is the cost per kWh to operate the radio in this manner? Answer in units of $/kW...
1 answer
Question 10 5 pts The most common method used by people who attempt suicide but do...
Question 10 5 pts The most common method used by people who attempt suicide but do not succeed is poisoning. True False Question 11 5 pts Suicide is most common in men who are: divorced single widowed All of these answers are correct...
1 answer
Identify the class of lipid of the following molecule: CH3-(CH2)18-C-O-(CH2)19-CH3
Identify the class of lipid of the following molecule: CH3-(CH2)18-C-O-(CH2)19-CH3...
1 answer
(iii) [14 marks] Consider a simple network between a single OD pair (from zone A to...
(iii) [14 marks] Consider a simple network between a single OD pair (from zone A to zone B), with travel time functions Travel time functions: Link 1 Link 3 Link 2 t1 = 1 + 0.5x1 t2 = 3 + x2 t3 = 2 + x3 t4 = 3 + 2x4 Link 4 Figure 2 Transportation Network In which xị, i = 1,2,3,4 are the link f...