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ACC - New fitness equipment

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Question;New fitness equipment was purchased on July 1, 20x2. Terms of purchaseInitial cash payment $40,000A 5 year non-interest bearing note $450,000Annual interest rate considered appropriate 6%The new fitness equipment has an estimated life of 8 years, the estimated residual value is 15% of original cost.Record the purchase of fitness equipment on July 1, 20x2Record the depreciation on fitness equipmentShow all work and amortization schedule

 

Paper#39037 | Written in 18-Jul-2015

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