Business, 13.11.2019 22:31 21marmong

On july 31, 2017, amsterdam company engaged minsk tooling company to construct a special-purpose piece of factory machinery. construction was begun immediately and was completed on november 1, 2017. to finance construction, on july 31 amsterdam issued a $300,000, 3-year, 12% note payable at netherlands national bank, on which interest is payable each july 31. $200,000 of the proceeds of the note was paid to minsk on july 31. the remainder of the proceeds was temporarily invested in short-term marketable securities (trading securities) at 10% until november 1. on november 1, amsterdam made a final $100,000 payment to minsk. other than the note to netherlands, amsterdam’s only outstanding liability at december 31, 2017, is a $30,000, 8%, 6-year note payable, dated january 1, 2014, on which interest is payable each december 31.

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On july 31, 2017, amsterdam company engaged minsk tooling company to construct a special-purpose pie...