For items 1-10, refer to the following: The owner of Dawn Winery decided to lend kegs of wine amounting to 5 50,000 to a certain bard who agreed to pay it within 7 years Oint Compute for rate () of interest for each conversion period first) Salve for the interest rate if it accumulated a total ol'S 76,145.10 compounded semi-anmaly
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- Braddy Machinery sold some equipment for $8,500 and established a promissory note requiring 6.50% compounded semi-annually, and due in 3½ years. After 2 years, the note was sold to a finance company at a discount rate of 11% compounded quarterly. What are the proceeds of the sale? (answer(s) should be rounded to the nearest cent.) Help me fast pleaseSouthtown Corporation purchased equipment and in exchange signed a two-year promissory note.The note requires Southtown to make a single payment of $100,000 in two years. Southtown hasother promissory notes that charge interest at the annual rate of 6 percent.Required:1. Compute the present value of the note, rounded to the nearest dollar, using Southtown’s typical interest rate of 6 percent.2. Show the journal entry to record the equipment purchase (round to the nearest dollar).3. Show the adjusting journal entry at the end of the first year to record interest on the note.Peabody Corporation purchased equipment and in exchange signed a three-year promissory note.The note requires Peabody to make a single payment of $20,000 in three years. Peabody has otherpromissory notes that charge interest at the annual rate of 6 percent.Required:1. Compute the present value of the note, rounded to the nearest dollar, using Peabody’s typicalinterest rate of 6 percent.2. Show the journal entry to record the equipment purchase (round to the nearest dollar).
- Marshall Corporation purchased equipment and in exchange signed a three-year promissorynote. The note requires Marshall to make equal annual payments of $20,000 at the end of each ofthe next three years. Marshall has other promissory notes that charge interest at the annual rateof 6 percent.Required:1. Compute the present value of the note, rounded to the nearest dollar, using Marshall’s typicalinterest rate of 6 percent.2. Show the journal entry to record the equipment purchase (round to the nearest dollar).3. Show the journal entry at the end of the first year to record the first payment of $20,000.4. Show the journal entry at the end of the second year to record the second payment of $20,000.5. Show the journal entry at the end of the third year to record the third payment of $20,000.Libby Company purchased equipment by paying $5,600 cash on the purchase date and agreed to pay $5,600 every six months during the next four years. The first payment is due six months after the purchase date. Libby's incremental borrowing rate is 8%. The equipment reported on the balance sheet as of the purchase date is closest to: (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided.)On March 1, 2012, Jason's Deli loaned $12,000 to Mark Johnson for one year at 5 percent interest. Required:- Answer the following questions. What is the total amount of interest Jason's Deli earned from the loan to Mark Johnson?
- Legendary Corporation purchased equipment and in exchange signed a three-year promissorynote. The note requires Legendary to make equal annual payments of $10,000 at the end of each ofthe next three years. Legendary has other promissory notes that charge interest at the annual rateof 6 percent.Required:1. Compute the present value of the note, rounded to the nearest dollar, using Legendary’s typical interest rate of 6 percent.2. Show the journal entry to record the equipment purchase (round to the nearest dollar).TIP: Record the liability as a Note Payable.3. Show the journal entry at the end of the first year to record the first payment of $10,000.4. Show the journal entry at the end of the second year to record the second payment of $10,000.5. Show the journal entry at the end of the third year to record the third payment of $10,000.niagara vineyards borrowed $75.000 to update their bottling equipment. they agreed to make payments of $6000 at the end of every three months. if interest is 7.31% compounded quearterly, how long will the company have to make the payments? the company will have to make paysments for ____ quarters.On April 1, Year 1, a new customer purchased a piece of equipment from Thomas Tech Center by paying $4,000 down and $7,000 at the end of each of the next 52 calendar quarters. What is the purchase price of the machinery if the rate of interest agreed upon was an annual rate of 8% compounded quarterly? solving for present value, what do you enter into the calculator and what are the journal entries to record the down payment and to record the receivable?
- At the beginning of the current year, Clan Company offers the customers a pottery bowl if they send in three boxtops from the products and P10. The entity estimated that 60% of the boxtops would be redeemed.During the year, the entity sold 675,000 boxes and customers redeemed 330,000 boxtops receiving 110,000 bowls. The cost of each bowl is P 25.What is the liability for outstanding premium at year-end?The owner of the Pink Flamingo Motel borrowed $19 500.00 at 8.11% compounded semi-annually and agreed to repay the loan by making payments of $1110.00 at the end of every three months. a) How many payments will be needed to repay the loan? b) How much will be owed at the end of five years? c) How much of the payments made at the end of five years will be interest?The owner of a hotel borrowed $36,000 at 7.8% p.a. compounded semi-annually and agreed to repay the loan by making payments of $1050 at the end of every 3 months. How much payments will be needed to repay the loan? How much will be owed at the end of 5 years? By the end of 5 years of payments, what is the total interest paid?PS PLEASE DO WITH FULL PROCESS NOT WITH EXCEL
