Homework Answers
| 1% NOTE RECEIVABLE | $ 26,000 | ||
| MATURITY | 2 YEARS | ||
| INTEREST AT THE END OF EACH YEAR | |||
| MARKET RATE OF INTEREST | 10.00% | ||
| CASH INFLOW | |||
| PARTICULARS | YEAR 1 | YEAR 2 | |
| INTEREST | $ 260 | $ 260 | |
| MATURITY AMOUNT | $ 26,000 | ||
| $ 260 | $ 26,260 | ||
| PRESENT VALUE FACTOR | 0.9091 | 0.8264 | |
| 10.00% | |||
| PRESENT VALUE | $ 236 | $ 21,702 | $ 21,939 |
| JOURNAL ENTRIES | |||
| PARTICULARS | DEBIT | CREDIT | |
| EQUIPMENT | $ 26,000 | ||
| 1% NOTE RECEIVABLES | $ 26,000 | ||
| EQUIPMENT SOLD IN EXCHANGE OF NOTE RECEIVABLE | |||
| CASH | $ 260 | ||
| INTEREST RECEIVABLE | $ 260 | ||
| INTEREST RECEIVED AT THE END OF YEAR | |||
| CASH | $ 26,260 | ||
| INTEREST RECEIVABLE | $ 260 | ||
| NOTE RECEIVABLE | $ 26,000 | ||
| INTEREST AND MATURITY AMOUNT RECEIVED AT THE END OF YEAR | |||
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