-
+1 - 312-224-1615
Get in touch with us
-
support@helpwithassignment.com
Send us an e-mail
Solution Library
Prepare Journal Entries For Sale Of Land
Question
HMD Corporation entered into the following transactions during the year 2010:
1. The company sold land having a fair market value of $700,000 in exchange for a four year non-interest bearing promissory note in ‘he face amount of $1,101,460. The land is carried on EMD Corporation's books at a cost of $620,000.
2. The company rendered services in exchange for a 3%, 8-year promissory note having a face value of $300,000 (interest payable annually).
3, The company sold some of its product and accepted a three-year, $340,000 non-interest bearing note- The product sold was carried on the books of EMD Corporation at a manufactured cost of $190,000.
EMD Corporation recently had to pay 8% interest for money that it borrowed. The purchaser and customers in the transactions described above have credit ratings that require that they pay 12% for their borrowed funds.
Required:
Prepare the journal entries to record each of the three transactions described above.
Summary
The question belongs to Accounting and it discusses about preparing journal entries for a company that has sold its land in exchange for a four year non-interest bearing promissory note.
Total Word Count 221
Download Full SolutionWHAT OUR STUDENTS SAY
I was badly stuck while preparing my patient report assignment help and had no clue on how to incorporate all the minute details into the entire perspective. Luckily then only one of my friends suggested that HwA is the best place to get original work done and he was absolutely right. From the moment I contacted them I became certain that these people know the stuff and then they helped me deliver a brilliant patient report fetching me excellent grades in my class. It also taught me on how to write patient reports.
Suzanne Fletcher Student
I always loved Chemistry but Chemical Engineering was something completely different. I took help from TheReliableTutor.com on several occasions and so far they have delivered the reports on time.
Pallavi Patel Student
I was doing fine with the smaller assignments given in my class but when it came to a research paper, I stumbled. Thankfully I came across HwA who not only helped me to write the paper but also at the same time enlightened me about the process of writing a proper research paper. I understood the basic difference between an essay and a research paper, thanks to the research paper writing experts of HelpwithAAssignment.com
Matt Dillon Student
Most of my classmates where very relaxed when it was time to deliver our Research Proposal. They don’t perceive it to be important to invest time in selecting the topic. The Research Proposal writer at HwA helped me to understand the importance of choosing simpler and doable topics rather than creating challenges later during the time of conducting the research. Needless to say that I was the only one in the class to get A+ in the Research Proposal and A in the actual Research Paper.
Zhi Jie Student
The online Visual C++ programming assignment expert assigned to me by HwA for the assignment help request that I had submitted actually stuck to all the criteria that was to be met for the assignment. He was available at all times of the day in case I needed to discuss any additional points that may have been discussed in class.
Prashant Arora Student
Comments
this is a very good website
I have 50 questions for the same test your page is showing only 28
hi can you please help or guide me to answer my assignments. thanks
hi can anyone help or guide me to my assignments. thanks
This solution is perfect ...thanks
Hello Allison,I love the 2nd image that you did! I also, had never heard of SumoPaint, is something that I will have to exolpre a bit! I understand completely the 52 (or so) youtube videos that you probably watched. Sometimes they have what you want, sometimes they don't! However, it is always satisfying when you are able to produce something that you have taught yourself. Great job!Debra 0 likes
Perfect bank of solution.
great !
thanks for the quick response. the solution looks good. :)
thnx for the answer. it was perfect. just the way i wanted it.
works fine.