ACC 340-On December 30, 2017, AGH, Inc. purchased
by | Mar 18, 2020 | Uncategorized
On December 30, 2017, AGH, Inc. purchased a machine from Grant Corp. in exchange for a zero-interest-bearing note requiring eight payments of $150,000. The first payment was made on December 30, 2017, and the others are due annually on December 30. At date of issuance, the prevailing rate of interest for this type of note was 11%. Present value factors are as follows:
| Period |
Present Value of Ordinary
Annuity of 1 at 11% |
Present Value of
Annuity Due of 1 at 11% |
|
7
|
4.712
|
5.231
|
|
8
|
5.146
|
5.712
|
On AGH’s December 31, 2017 balance sheet, the net note payable to Grant is:
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