Homework Answers
Solution:
Annual payment is
= Total price of the machine/ No. of years installment
= 4575000/ 5
= 915000
Option A is correct answer .. Annual payment is 915000
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Question 3 1.5 pts Sloan Co, acquired a packaging machine from Vintage Corp on January 1,...
Sloan Co. acquired a packaging machine from Vintage Corp on January 1, 2016. In payment for...
Sloan Co. acquired a packaging machine from Vintage Corp on January 1, 2016. In payment for the $4,575,000 machine, Sloan Co. issued a five-year installment note to be paid in five equal payments at the end of each year. The payments include interest at the rate of 8%. How much of the second installment payment made on December 31, 2017 is for the principal (reduction of notes payable) in 2017? O 366,000 O 842,225 303,613 O 779.838
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American Food Services, Inc., acquired a packaging machine from Barton and Barton Corporation. Barton and Barton completed the construction of the machine on January 1, 2021. In payment for the $5.5 million machines, American Food Services issued a four-year installment note to be paid in four equal payments at the end of each year. The payments include interest at the rate of 12%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD...
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