SWFT Corp Partner Estates Trusts
42nd Edition
ISBN: 9780357161548
Author: Raabe
Publisher: Cengage
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Students have asked these similar questions
for each of following citations, identify the type of authority (Statutory, administrative, or judicial) and explain the citation.
1.111-1
IRC 469 (c)(7)(B)(i)
Rul 82-204, 1982-2 C.B. 192
Amdahl Corp., 108 TC 507 (1997)
PLR 9727004
Hills v. Comm’r, 50 AFTR2d 82-6070 (11th, 1982)
A. P75,600B. P97,650C. P229,950D. P362,880E. Answer not given
6:41
+ Module1_PPE...
Tel Nos.: (+63 43) 980-0385; 980-0387; 980-0392 to 94; 425-7158 to 62 loc. 1546/1822
Email Address: president@g.batstate-u.edu.ph Website Address: http://www.batstate-u.edu.
Problem 23-15 (AICPA Adapted)
On December 31, 2020, Bart Company purchased a machin,
in exchange for a noninterest bearing note requiring eight
payments of P200,000.
The first payment was made on December 31, 2020 and
the others are due annually on December 31.
At date of issuance, the prevailing rate of interest for thi,
type of note was 11%.
PV of an ordinary annuity of 1 at 11% for 8 periods 5.146
PV of an annuity of 1 in advance at 11% for 8 periods 5.712
1. What amount should be recorded as initial cost of the
machine?
a 1,600,000
b. 1,029,200
c. 1,400,000
d. 1,142,400
2. What is the discount on note payable on December 31,
2020?
a. 657,600
b. 457,600
c. 570,800
d.
3. What is the interest expense for 2021?
a. 125,664
b. 103,664
c. 113,212
d. 176,000
4. What is the carrying amount of note…
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