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ACCT 382 - Week 6 - Chapter 6 Homework - Question 8

ACCT 382 - Week 6 - Chapter 6 Homework - Question 8
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ACCT 382 - Week 6 - Chapter 6 Homework - Question 8

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Question 8

Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2013. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $5,000 on each September 30, beginning on September 30, 2016. (FV of $1PV of $1FVA of $1PVA of $1FVAD of $1and PVAD of $1(Use appropriate factor(s) from the tables provided.)

 Required:

Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2013, assuming that an interest rate of 10% properly reflects the time value of money in this situation.

 

 

 

Amount recorded

+/-0.1%