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Question - On December 31, 2014, Faital Company acquired a computer from Plato Corporation by issuing a $642,500 zero-interest-bearing note, payable in full on December 31, 2018. Faital Company's credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a $72,000 salvage value.
(a) Prepare the journal entry for the purchase on December 31, 2014.
(b) Prepare any necessary adjusting entries relative to depreciation (use straight-line) and amortization (use effective-interest method) on December 31, 2015.
(c) Prepare any necessary adjusting entries relative to depreciation and amortization on December 31, 2016.
Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement and balance sheet for the current year.
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Assume the bonds are sold at par, and that interest is paid semi-annually. Record below the sale and the first interest payment.
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