What amount should be debited to equipment, Accounting Basics

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What amount should be debited to equipment

Randal's Rifles purchased some equipment by issuing a three-year 6% note for $8,000 when the market rate for an obligation of this nature was 8%. The interest is payable annually. Actuarial information for three periods follows:

6% 8%
Future amount of 1 1.191016 1.259712
Future amount of annuity of 1 3.183600 3.246400
Present value of 1 0.839619 0.793832
Present value of annuity of 1 2.673012 2.577097

At the date of purchase, what amount should be debited to Equipment?

a. $7,587.66
b. $6,716.96
c. $6,350.66
d. $6,633.70

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Accounting Basics: What amount should be debited to equipment

Reference No:- TGS064646

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Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What amount should be debited to equipment

Reference No:- TGS064646

Recent Questions Asked Accounting Basics

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Q : Determine the unadjusted rate of return

Q : Show price and quantity combinations favored by partners

Q : What amount should be debited to equipment

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