Amber Mining and Milling, Inc., contracted with Truax Corporation to have constructed a custom-made lathe. The machine was completed and ready for use on January 1, 2016. Amber paid for the lathe by issuing a $500,000, three-year note that specified 4% interest, payable annually on December 31 of each year. The cash market price of the lathe was unknown. It was determined by comparison with similar transactions that 10% was a reasonable rate of interest.1.Complete the table below to determine the price of the equipment.2. Prepare the journal entry on January 1, 2016, for Amber Mining and Milling’s purchase of the lathe.3. Prepare an amortization schedule for the three-year term of the note.4. Prepare the journal entries to record (a) interest for each of the three years (b) payment of the note at maturity. Prepare the journal entry on January 1, 2016, for Amber Mining and Milling’s purchase of the lathe.

When earning simple interest on money you invest, which statement is true? a. as time goes on and your bank account grows, you earn more interest. b. as time goes on and your bank account grows, you earn less interest. c. as time goes on and your bank account grows, you earn the same amount of interest. d. as time goes on and your bank account grows, you stop earning interest.

< back to assignment attempts: 1 1 keep the highest: 1 / 2 2. determining opportunity cost juanita is deciding whether to buy a suit that she wants, as well as where to buy it. three stores carry the same suit, but it is more convenient for juanita to get to some stores than others. for example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $102 for the suit: store travel time each way price of a suit (minutes) (dollars per suit) local department store 15 102 across town 30 88 neighboring city 60 65 juanita makes $42 an hour at work. she has to take time off work to purchase her suit, so each hour away from work costs her $42 in lost income. assume that returning to work takes juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. as you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. complete the following table by computing the opportunity cost of juanita's time and the total cost of shopping at each location. store opportunity cost of time price of a suit total cost (dollars) (dollars per suit) (dollars) local department store 102 across town 88 neighboring city 65 assume that juanita takes opportunity costs and the price of the suit into consideration when she shops. juanita will minimize the cost of the suit if she buys it from the . grade it now save & continue continue without saving

Arecession is defined as a period in which