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Furkat [3]
2 years ago
12

On January 2, 2022, McClelland Company purchased a machine and signed a noninterest-bearing note in payment. The note matures in

4 years and requires McClelland to pay $70,000 at maturity. McClelland also had the option to purchase the the machine in cash from a different vendor for $56,505. At what amount should the machine be recorded upon purchase
Business
1 answer:
tresset_1 [31]2 years ago
6 0

The amount that McClelland Company should record the machine upon purchase is<u> $56,505.</u>

<h3>Recording the transaction</h3>

The proper way to record the transaction based on U.S. GAAP polices is to debit the Machine account with the price of $56,505 as this represents the market value of the machine.

The company should also credit the Notes payable account with $70,000 being the value of the note acquired. A debit will go to the Discount on Note account for $13,495 which is the difference between the note and value of machine.

Find out more on recording Notes Payable at brainly.com/question/17073934.

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Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $12.50.

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