On January 1, Windsors Inc. sold used equipment with a cost of $15,000 and a carrying amount of $2,100 to Novak Corp. in exchange for a $5,000, three-year non-interest-bearing note receivable. Although no interest was specified, the market rate for a loan of that risk would be 9%. Assume that Windsors follows IFRS. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Your answer is incorrect. Prepare the entry to record the sale of Windsors' equipment and receipt of the note. (Round answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Account Titles and Explanation Debit Credit

On January 1, Windsors Inc. sold used equipment with a cost of $15,000 and a carrying amount of $2,100 to Novak Corp. in exchange for a $5,000, three-year non-interest-bearing note receivable. Although no interest was specified, the market rate for a loan of that risk would be 9%. Assume that Windsors follows IFRS. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Your answer is incorrect. Prepare the entry to record the sale of Windsors' equipment and receipt of the note. (Round answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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