Answer:Jalen journal $
Date
Jan 1,2021
Land Dr. 860,887
Note payable Cr. 860,887
Narration. Issuance of note for the above amount, payable in four installments for land purchase.
June 30,2021
Note payable Dr 215,221.64
Cash Cr. 215,221.64
Narration. Payment of the first installment for the land acquisition.
December 31,2021
Note payableDr 215,221.64
Cash.Cr. 215,221.64
Narration. Payment of the second installment for the land acquisition.
2. Remaining balance on note payable as of December 31, 2021 is $400,000
Interest expense balance is $30,443.28.
Explanation:
The land account is debited to reflect its purchase, while the notes payable account is credited to recognize the liability.
Payments made in the first and second periods debit the respective installment amounts.
The note payable balance indicates the outstanding principal payments of $800,000, whereas the interest expense denotes the additional amount beyond the principal.
The accurate answer is: Ratio Scale. A ratio scale in measurement possesses equal measurement units and includes a true zero point. Therefore, any measurement falling below zero on this scale is unattainable. For instance, in height measurement in meters, the minimum possible height is 0 meters; a negative height like -1 meter is nonsensical. This also means if a score of 60 indicates twice as many characteristics compared to a score of 30, it is recognized from an established zero point, confirming that 60 indeed represents double 30, calibrated from a zero baseline. The other types of measurement scales feature: nominal scale, which includes primarily categorical data without showing magnitude or intervals, as seen in classifying adults as married, divorced, or single; ordinal scale, which indicates a hierarchy or ordered series but lacks clear intervals, exemplified by ranking race participants as first, second, or third, where it remains illogical to compare the distance between positions based on numerical order; and interval scale that does not have a true zero value but allows logical comparisons of distances between units on the scale, such as in temperature measurements using Fahrenheit.
Answer:
Cost of the new machine:
= Price of new machine - Trade allowance + Market value of old machine
= $16,000 - $9,000 + $6,000
= $13,000
Consequently, the journal entry would be recorded as follows:
New Machine Cost A/c Dr. $13,000
Accumulated Depreciation (Book Value) A/c Dr. $4,000
Loss from machine exchange A/c Dr. $2,000
To Old Machine (Book Value) $12,000
To Cash (16,000 - 9,000) $7,000
(To document the equipment exchange)
$0.20 Explanation: To determine the adjustment in the future price, the initial step is calculating the loss, as follows: Loss = Initial Margin - Maintenance Margin = $4,000 - $3,000 = $1,000. The future price adjustment will then be Loss divided by the size of the contract, returning to $1,000 ÷ 5,000 ounces = $0.20. Thus, the future price rises by $0.20. If the margin call isn't satisfied, the broker will step in at the maximum price to prevent additional losses.
