TVM Accounting help ASAP!
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1. a. ;Balish ;Corp bought a new machine on January 1, 2015 and agreed to pay for it in 5 equal installments of $40,000 on December 31st, 2015 and December 31 of each of the next 4 years. ; Assuming that the prevailing rate of 8% applies to this contract, how much should Balish record as the cost of the machine? ;
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;b. Prepare the entry that Balish would make to record the purchase of the machinery if the company signed a note where interest was included in the face amount of the note.
2. Refer to question 1. ; Answer each question again assuming that interest ;was not ;included in the face amount of the note.
a. Cost of the machine
b. Journal entry to record the purchase
