ACC 2102-Extra credit problem TRANSACTIONS DURING 20x2 9) 10/1/x2: Some heavy du

Question

ACC 2102-Extra credit problem TRANSACTIONS DURING 20x2 9) 10/1/x2: Some heavy duty equipment (acquired from the Olympic Equipment Compan on 4/1/x1 - with an original cost assignment of 164,000) was sold for: 10) 11/1/x2: Green Hills completed excavation work for one of its customers. The following ss payment terms were arranged on 11/1/x2: Quarterly payments: Date of first payment: Date of last payment: Effective annual interest rate: $ 9,500 11/1/x2 8/1/x4 5% This note is referred to as Note Receivable "2". The effective interest method of amortization is used. The revenue is recorded in the company's "Sales" account. Shares of Powell Company stock 240 are sol. 11) 11/11/x2: Number of shares sold:

Explanation / Answer

Quaterly Payments 9500 Date of 1st Payment 11/01/2012 Date of Last Payment 08/01/2014 Effective rate of interest 5% Pv Factor 3.55 (100/105)+(100/105)^2+(100/105)^3+(100/105)^4 During 2012 33687 (9500*3.55) Pv Factor 2.92 (100/105)^5+(100/105)^6+(100/105)^7+(100/105)^8 During 2013 27714 (9500*2.92)

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