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Mainline Sports has just acquired a new business van at a cashprice of $70,000. Unfortunately, Mainline only had $10,000available and had to finance the balance with the dealer over 5years at 9%. The sales contract calls for Mainline to make 5 equalannual year-end payments to retire the debt.
a.What is the amount of each payment?
b.What is Mainline's interest expense for year 2? Prepare anamortization table.
c.What is Mainline's total interest cost over the 5-year term ofthe loan?
problem a preparing adjusting entries adjusted trial balance and financial statements lo a1 p1 p2 p3the following
The kurten corporation is authorized to issue $500000 0f 8% bonds interest on the bond payable semiannually ;the bond are dated january 1,2010 and are due december 31,2015
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Kentucky Enterprises purchased a machine on January 2, 2010, at a cost of $120,000. An additional $50,000 was spent for installation, but this amount was charged erroneously to repairs expense. The machine has a useful life of five years and a sal..
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