Flint inc. has decided to purchase equipment from central michigan industries on january 2, 2017, to expand its production capacity to meet customers’ demand for its product. flint issues a(n) $912,000, 5-year, zero-interest-bearing note to central michigan for the new equipment when the prevailing market rate of interest for obligations of this nature is 11%. the company will pay off the note in five $182,400 installments due at the end of each year over the life of the note.
1.prepare the journal entry at the date of purchase.
2.prepare the journal entry at the end of the first year to record the payment and interest, assuming that the company employs the effective-interest method.
3. prepare the journal entry at the end of the second year to record the payment and interest.
4. assuming that the equipment had a 10-year life and no salvage value, prepare the journal entry necessary to record depreciation in the first year. (straight-line depreciation is employed.)

Alandowner and his neighbor purchased adjoining undeveloped lots. after both built homes on their respective lots, the landowner suggested to the neighbor that a common driveway be built where the two lots joined. the neighbor agreed. the landowner and the neighbor split the cost of constructing the driveway and entered into a written agreement to equally share the costs of its upkeep and maintenance. the agreement was recorded in the county recorder's office. two years later, the neighbor built a new driveway located entirely on his lot. the common driveway, which the landowner continued to use but which the neighbor no longer used, began to deteriorate. the landowner asked the neighbor for money to maintain the common driveway, but the neighbor refused to contribute. three years later, the neighbor conveyed his lot to a friend. the friend entered into possession and used only the driveway built by the neighbor. by this time, the common driveway had deteriorated badly and contained numerous potholes. the landowner asked the friend to pay half of what it would take to repair the common driveway. the friend refused. the landowner repaired the driveway and sued the friend for 50% of the cost of repairs. will the landowner prevail?

What is the relationship between credit and debt?

Question 6 of 102 pointswhich situation shows a constant rate of change? oa. the number of tickets sold compared with the number of minutesbefore a football gameob. the height of a bird over timeoc. the cost of a bunch of grapes compared with its weightod. the outside temperature compared with the time of day