At january 1, 2018, nci industries, inc., was indebted to first federal bank under a $240,000, 10% unsecured note. the note was signed january 1, 2014, and was due december 31, 2019. annual interest was last paid on december 31, 2016. nci was experiencing severe financial difficulties and negotiated a restructuring of the terms of the debt agreement. first federal agreed to reduce last year’s interest and the remaining two years’ interest payments to $11,555 each and delay all payments until december 31, 2019, the maturity date. (fv of $1, pv of $1, fva of $1, pva of $1, fvad of $1 and pvad of $1) (use appropriate factor(s) from the tables provided.) required: prepare the journal entries by nci industries, inc., necessitated by the restructuring of the debt at: (1) january 1, 2018; (2) december 31, 2018; and (3) december 31, 2019. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. round final answers to the nearest whole dollar.)

answer; to open a new transaction, the user should type the code/0 along with a new transaction code, when done with that the user should press enter to open the transaction; good luck;

answerblank(1); fixed interval; blank(2) fixed ratio;

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.