Moped, Inc. purchased machinery at a cost of $44,000 on January 1, 2017. The expected useful life is 5 years and the asset is ex
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Answer:
Following are the queries to these question:
Explanation:
Reporting entering for recording the note received
Permissible notes (face amount)........................................................
Cash...................................................................................................
Accumulated Balance is given by :
Here,
n = time period = 30×12 = 360.
P = principal price = $250.
Putting all given values in above equation, we get :
Hence, this is the required solution.