On December 31, 2019, Univ Corporation sold for 50,000 an old machine having an original cost of 90,000 and a book value of 40,000. The terms of the sale were as follows: 10,000 down payment 20,000 payable on December 31 each of the next two years The agreement of sale made no mention of interest; however, 9% would be a fair rate for this type of transaction. What should be the amount of the notes receivable net of the unamortized discount on December 31, 2020 rounded to the nearest dollar? (Round your present value factor to 5 digits).

On December 31, 2019, Univ Corporation sold for 50,000 an old machine having an original cost of 90,000 and a book value of 40,000. The terms of the sale were as follows: 10,000 down payment 20,000 payable on December 31 each of the next two years The agreement of sale made no mention of interest; however, 9% would be a fair rate for this type of transaction. What should be the amount of the notes receivable net of the unamortized discount on December 31, 2020 rounded to the nearest dollar? (Round your present value factor to 5 digits).

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 15DQ

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