BUSI 2001 Study Guide - Quiz Guide: Markdown
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Your assignment submission must be typed up in either word and excel and uploaded (one file only) to the assignment dropbox before midnight sunday january 24, 2016. On january 2, 20x1, the harry company acquired a truck with a list price of ,000. The harry company"s incremental borrowing rate is 8% (imputed rate). Assume that the truck manufacturer is offering harry the following terms (each situation is independent). For each of the terms, prepare the journal entries for the life of the note. Payments are due on december 31 of every year. Harry company pays the ,000 in three years. Interest of 3% is charged on the note payable on december 31 of every year. Harry company pays ,000 on the principal at the end of every year, over 5 years. Harry company has to make equal annual payments of principal and interest over five years.
