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Question - Entries for Zero-Interest-Bearing Notes
On January 1, 2019, McLean AG makes the two following acquisitions.
1. Purchases land having a fair value of €300,000 by issuing a 5-year, zero- interest-bearing promissory note in the face amount of €505,518.
2. Purchases equipment by issuing a 6%, 8-year promissory note having a maturity value of €400,000 (interest payable annually).
The company has to pay 11% interest for funds from its bank.
Required -
a. Please record the two journal entries that should be recorded by McLean AG for the two purchases on January 1, 2019.
b. Please record the interest at the end of the first year on both notes.
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