Business, 21.05.2020 00:15 lpslover26237

On January 1 of this year, Shannon Company completed the following transactions (assume a 8% annual interest rate): (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.) Bought a delivery truck and agreed to pay $62,000 at the end of three years. Rented an office building and was given the option of paying $12,000 at the end of each of the next three years or paying $35,000 immediately. Established a savings account by depositing a single amount that will increase to $94,000 at the end of seven years. Decided to deposit a single sum in the bank that will provide 8 equal annual year-end payments of $42,000 to a retired employee (payments starting December 31 of this year). Required: a. What is the cost of the truck that should be recorded at the time of purchase? (Round your answer to nearest whole dollar.)

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On January 1 of this year, Shannon Company completed the following transactions (assume a 8% annual...