ACC 306 Week 2 E14 18 American Food Services

ACC 306 Week 2 E14 18 American Food Services


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Asked by 2 years ago
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ACC 306 Week 2 E14-18 American Food Services

E 1418 - American Food Services, Inc. - Installment note; amortization schedule ? LO3

American Food Services, Inc., acquired a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2011. In payment for the $4 million machine, American Food Services issued a four-year installment note to be paid in four equal payments at the end of each year. The payments include interest at the rate of 10%.

Required:

1.Prepare the journal entry for American Food Services purchase of the machine on January 1, 2011.

2.Prepare an amortization schedule for the four-year term of the installment note.

3.Prepare the journal entry for the first installment payment on December 31, 2011.

4.Prepare the journal entry for the third installment payment on December 31, 2013.

ACC 306
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ACC 306 Week 2 E14 18 American Food Services

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