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padilas [110]
3 years ago
15

Fact Pattern:House Publishers offered a contest in which the winner would receive $1 million, payable over 20 years. On December

31, Year 4, House announced the winner of the contest and signed a note payable to the winner for $1 million, payable in $50,000 installments every January 2. Also on December 31, Year 4, House purchased an annuity for $418,250 to provide the $950,000 prize monies remaining after the first $50,000 installment, which was paid on January 2, Year 5.In its December 31, Year 4, balance sheet, at what amount should House measure the note payable, net of current portion?
A. $368,250
B. $418,250
C. $900,000
D. $950,00

Business
1 answer:
Readme [11.4K]3 years ago
3 0

Answer:

Option B: $418,250

Explanation:

<em> </em>I hope it will help you a lot!

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A registered representative sells 1,000 shares of ABC for a customer at $30 per share, the current market price, with instructio
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On January 22, Muir Corporation issued for cash 20,000 shares of no-par common stock at $30. On February 14, Muir issued at par
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Answer:

Jan 22

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Muir Corporation Journal entries

Date Accounts Debit Credit

Jan 22

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