On October 1, 2020 Bartley Corporation purchased new equipme…
On October 1, 2020 Bartley Corporation purchased new equipment by signing a 2 year note payable with a face value of $8,000,000 and paying cash of $500,000. The note does not state an interest rate. The present value of the note payable is 7,750,000 on October 1, 2020. The fair value of the new equipment is approximately $8.250 million.Bartley recorded this purchase on October 1, 2020. Select ALL applicable answers below related to the initial recording of the new equipment.
Read Details