On July 1, 2014, Agincourt Inc. made two sales. 1. It sold land

Home / Questions / On July 1, 2014, Agincourt Inc. made two sales. 1. It sold land having a fair value of $

On July 1, 2014, Agincourt Inc. made two sales. 1. It sold land having a fair value of $

On July 1, 2014, Agincourt Inc. made two sales.

1.		It sold land having a fair value of $700,000 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,101,460. The land is carried on AgincourtAc€?cs books at a cost of $590,000.
2.		It rendered services in exchange for a 3%, 8-year promissory note having a face value of $400,000 (interest payable annually).

Agincourt Inc. recently had to pay 8% 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 12% interest.
Record the two journal entries that should be recorded by Agincourt Inc. for the sales transactions above that took place on July 1, 2014.

Tripti 05-Dec-2019

Answer (UnSolved)

question Get solution

Your presentation will contain both PowerPoint slides and a script Your presentation will contain both PowerPoint slides and a script (this will be written in the “notes” section of PowerPoint). While OUA students will not be delivering ...
All Qantas Line Maintenance Stations can communicate with inbound aircraft provides All Qantas Line Maintenance Stations can communicate with inbound aircraft provides 24 hours per day for advice on incoming defects, facilitating the preparation of appro...
In the initial lectures on the economic way of thinking In the initial lectures on the economic way of thinking we considered the description of cost-benefit analysis in macroeconomics offered by Henry Hazlitt. Some years bac...
There are hundreds Qantas flights transporting passengers from different airports There are hundreds Qantas flights transporting passengers from different airports to over 50 domestic and international destinations every day. Qantas flight operational...
To promote the better services to VIP members and award customers To promote the better services to VIP members and award customers’ loyalty, Qantas provide the airline lounge with airport locations around Australia and the world. Those...
Qantas Airways is the flag carrier airline of Australia Qantas Airways is the flag carrier airline of Australia. Qantas' headquarter is located at the Qantas Centre in the Mascot suburb of Sydney, New South Wales. The Qantas G...
Assume that the world economy consists of two countries Question Background: Assume that the world economy consists of two countries: Russia and Byelorussia. Each country can produce tomatoes and potatoes. Russia can produce ...
quadratic The critical styles needed to style the above-the-fold content are inlined and applied to the document immediately. The full small.css is loaded after initial painting of...
Qantas has a centralised operational database to capture Qantas has a centralised operational database to capture their day-to-day ticket sales. Qantas provides online ticket sales and promotion agents for ticket sales. Promoti...
Qantas management is to ensure the successful completion Qantas management is to ensure the successful completion of around 300,000 flights every year to 57 airports around Australia and to 86 destinations in 36 countries that ...

Service

On July 1, 2014, Agincourt Inc. made two sales. 1. It sold land having a fair value of $

On July 1, 2014, Agincourt Inc. made two sales. 1. It sold land having a fair value of $

Answer (UnSolved)

Ask Homework Question

Writing Help

Have a language expert improve your writing

Instant response from experts on your writing help queries

Find your question's answer instantly in our Q&A bank