The writer is very fast, professional and responded to the review request fast also. Thank you.
E7-18B(Note Transactions at Unrealistic Interest Rates) On July 1, 2012, Taylor Inc. made two sales. 1. It sold land having a fair market value of $500,000 in exchange for a 4-year, zero-interest-bearing promissory note in the face amount of $732,053.70. The land is carried on Taylor’s books at a cost of $375,000. 2. It rendered services in exchange for a 4%, 8-year promissory note having a face value of $400,000 (interest payable annually). Taylor Inc. recently had to pay 7% interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at 10% interest. Instructions: Record the two journal entries that should be recorded by Taylor Inc. for the sales transactions above that took place on July 1, 2012.
Question: E7-18B(Note Transactions at Unrealistic Interest Rates) On July 1, 2012, Taylor Inc. made two sales.1. It sold land having a fair market value of $500,000 in exchange for a 4-year,…
Show more
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more