Foreman Company Sells Specialized Machinery and Equipment

question 66

Essay

Foreman Company sells specialized machinery and equipment.On January 1,2014,the company sold equipment and received a two-year,$10,000 note with a 3 percent stated interest rate.Interest is payable each December 31,and the entire principal is payable December 31,2015.
The equipment does not have a readily established market value.The market rate of interest for notes of this type and level of risk is 10 percent.
-See Foreman Company information above.
Required:
Prepare the entries on Foreman Company's books to record the sale of the equipment.

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Definitions:

Perceptual Constancy

The brain's ability to recognize objects as unchanged despite changes in sensory input, such as changes in lighting, angle, or distance.

Brightness Constancy

The tendency to perceive the apparent brightness of an object as the same even when the light conditions change.

Kinesthetic Sense

The sense through which one perceives the position and movement of their body, including limbs, muscles, and joints, without using sight.

Forefinger

The first finger or the finger next to the thumb, also known as the index finger, used for pointing or indicating.