Straight Industries purchased a large piece of equipment from Curvy Company on January 1, 2019. Straight Industries signed a note, agreeing to pay Curvy Company $320,000 for the equipment on December 31, 2021. The market rate of interest for similar notes was 8%. The present value of $320,000 discounted at 8% for three years was $254,026. On January 1, 2019, Straight Industries recorded the purchase with a debit to equipment for $254,026 and a credit to notes payable for $254,026. On December 31, 2019, Straight recorded an adjusting entry to account for interest that had accrued on the note. Assuming no adjusting entries have been made during the year, the interest expense accrued at December 31, 2019 is closest to:.
a. $27,493.
b. $25,403.
c. $29,693.
d. $32,000.
Answers: 1
Business, 21.06.2019 17:00, mqturner1989Kedie
What are ways individuals may reduce their total education and training costs?
Answers: 3
Business, 22.06.2019 06:30, makarockslynn4764
If a seller prepaid the taxes of $4,400 and the closing is set for may 19, using the 12 month/30 day method what will the buyer owe the seller as prorated taxes?
Answers: 1
Business, 22.06.2019 11:30, levy72
10. lucy is catering an important luncheon and wants to make sure her bisque has the perfect consistency. for her bisque to turn out right, it should have the consistency of a. cold heavy cream. b. warm milk. c. foie gras. d. thick oatmeal. student d incorrect
Answers: 2
Straight Industries purchased a large piece of equipment from Curvy Company on January 1, 2019. Stra...
Mathematics, 21.11.2019 06:31
Mathematics, 21.11.2019 06:31
Physics, 21.11.2019 06:31
Mathematics, 21.11.2019 06:31