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On January 1, 2018, WIley Company accepts a $51,000 non-interest bearing note from a customer for the sale of goods.
On January 1, 2018, WIley Company accepts a $51,000 non-interest bearing note from a customer for the sale of goods. The note is to be paid in 6 equal installments every December 31st (first payment on December 31, 2018). An assumed interest rate of 6% is implied. Round installment payments to the nearest dollar
A) What is the present value of the note?
B) What would an amortization table in Excel look like to show the revenue recognition each year.
C) What would the Journal entries for January 1, 2018; December 31, 2018; and December 31, 2019 look like?
