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Purchase of Computer with Zero-Interest-Bearing Debt Napoleon Corporation purchased a computer on December 31, 2009, for $130,000, paying $30,000 down and agreeing to pay the balance in five equal installments of $20,000 payable each December 31 beginning in 2010. An assumed interest rate of 10% is implicit in the purchase price.
(a) Prepare the journal entry (ies) at the date of purchase. (Round to two decimal places)
(b) Prepare the journal entry (ies) at December 31, 2010, to record the payment and interest (effective interest method employed).
(c) Prepare the journal entry (ies) at December 31, 2011, to record the payment and interest (effective interest method employed).
A 10-year $2,000 bond pays a nominal rate of 8% compounded semiannually. If the market interest rate is 9% compounded annually and the general inflation rate is 5% per year, find the actual and constant dollar amount (time = year zero dollars) of ..
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Hamilton Tool and Die Company purchased $72,000 of equipment with an estimated service life of 4 years. The equipment will be worth $4,000 at the end of its life. The annual amount of depreciation on this equipment is:
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