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GenaCL600 [577]
3 years ago
15

On December 30, Year 12, AGH, Inc. purchased a machine from Grant Corp. inexchange for a zero-interest-bearing note requiring ei

ght payments of $70,000. The first paymentwas made on December 30, Year 12, 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%. Presentvalue factors are as follow:
Period Present Value of Ordinary Annuity of 1 at 1100 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:______
Business
1 answer:
andrey2020 [161]3 years ago
6 0

Answer:

$329,840

Explanation:

Calculation to determine the net note payable to Grant

Net note payable to Grant=$70,000 × 4.712

Net note payable to Grant= $329,840

OR

Net note payable to Grant= ($70,000 × 5.712) – $70,000

Net note payable to Grant= $329,840

Therefore On AGH's December 31, 2017 balance sheet, the net note payable to Grant is:$329,840

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See the explanation bellow

<h3>What is collaboration?</h3>

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7 0
2 years ago
Dave's Duds reported cost of goods sold of $1,300,000 this year. The inventory account increased by $170,000 during the year to
ioda

Answer:

$1,470,000

Explanation:

As we know that

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This is the answer but the same is not provided in the given options

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3 years ago
An argument for trade tariffs is that it protects infant industries.
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Answer:

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On a per unit basis, economic profit can be determined as the difference between:
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