User Account

All Pages

What would be the journal entry to record the acquisition

Assignment Help Accounting Basics
Reference no: EM132805650

On July 1, 2020, Manuel Corporation purchased machinery worth P 8,000,000. Terms: P 500,000 down payment, the balance on three equal annual payments every July 1 of each year. The cash price of the machinery is P 6,000,000. A promissory note is issued for the installment balance.

Problem 1. What would be the journal entry to record the acquisition of machinery?

Problem 2. What would be the journal entries to record the amortization at December 31, 2020?

Problem 3. What is the carrying amount of machinery at December 31, 2020?

Reference no: EM132805650

Questions Cloud

Find what amount initially recognized as exploration asset : What amount should be initially recognized as exploration asset? Road and infrastructures to access exploration site 3,500,000.
What strategies will you implement for grouping students : Oftentimes, during math instruction, students are grouped to incorporate collaboration and cooperative learning. What strategies will you implement for grouping
What amount of exploration cost should be reported in dec : What amount of exploration cost should be reported in the December 31, 2020 statement of financial position? Dual Company incurred P 4,000,000 in exploration
Differences between MAC and H-MAC : Compare the differences between MAC and H-MAC. Explain why using H-MAC is more secure than MAC?
What would be the journal entry to record the acquisition : What would be the journal entries to record the amortization at December 31, 2020? What would be the journal entry to record the acquisition of machinery?
Why early civilization developed in river valleys : History Question - Write an essay 3 pages explaining the reasons why early civilization developed in river valleys. Choose one example of such developments
Describe the planned approach as it applies to the object : Describe the planned approach as it applies to the object of the evaluation (selected from text, Chapters 5-8). Explain your rationale and provide research.
What will one share of the common stock be worth seven years : What will one share of this common stock be worth seven years from now if the required rate of return on equity is 12 percent?
Greem Cloud computing : Greem Cloud computing-The purpose of the research paper is to deeply research your topic and provide insight into the topics

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd