Financial Accounting
Financial Accounting
18th Edition
ISBN: 9781260706307
Author: Jan Williams
Publisher: Mcgraw-hill Higher Education (us)
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Chapter B, Problem 7P

a.

To determine

Compute the present value of the note receivable.

b.

To determine

Prepare journal entry on December 31 to record the sale of the land.

c.

To determine

Explain the impact of the error (1) on the net income of the year’s sale and (2) on the combined net income of the next five years.

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7.2 Ch 7: Notes Payable and Interest, Revenue recognition explained; Author: Accounting Prof - making it easy, The finance storyteller;https://www.youtube.com/watch?v=wMC3wCdPnRg;License: Standard YouTube License, CC-BY