Joe Chin bought a house for $180,000. He made a 20% down payment. Joe secured a loan for the balance of the purchase price at 6.
1 answer:
Answer:
the monthly payment is $910.18
Explanation:
The computation of the monthly payment is shown below:
Given that
PV = $180,000 - 20% of $180,000 = $144,000
NPER = 15 × 120 = 360
RATE = 6.5% ÷ 12 = 0.541666%
FV = $0
The formula is shown below:
=PMT(RATE;NPER;PV;FV:TYPE)
The present values comes in negative
After applying the above formula, the monthly payment is $910.18
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Answer: Please refer to Explanation.
Explanation:
Your question was incomplete so I attached the missing details.
The Carrying Amount of the Division has to be ascertained to move forward as it is needed in calculating the loss on Impairment. It is calculated by subtracting Goodwill from the Net Assets.
= 496 - 214
= $282 million
Calculating the Loss on impairment is done by the following formula,
= Market Price - Carrying Amount of the Division (net of Goodwill) - carrying value of Goodwill
= 335 - 282 - 214
= -$161 million.
Journal Entry
DR Loss on Impairment $161 million
CR Goodwill $161 million
(To record the loss on Impairment)
