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On January 1, 2018, Byner Company purchased a used tractor. Byner paid $7,000 down and signed a non interest bearing note requiring $36,000 to be paid

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On January 1, 2018, Byner Company purchased a used tractor. Byner paid $7,000 down and signed a non interest—bearing note
requiring $36,000 to be paid on December 31, 2020. The fair value of the tractor is not determinable. An interest rate of10% properly
reflects the time value of money for this type of loan agreement. The company’s fiscal year-end is December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry to record the acquisition of the tractor. 2. How much interest expense will the company include in its 2018 and 2019 income statements for this note?
3. What is the amount of the liability the company will report in its 2018 and 2019 balance sheets for this note? Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Prepare the journal entry to record the acquisition of the tractor. (If no entry is required for a transaction/event, select "No
journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest
whole dollars.) View transaction list Journal entry worksheet < 1 > Record the acquisition of the tractor.

 
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Tinsley carried the land at its original cost of $65,000. According to an independent appraisal, the land 2 The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther

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2-3 Quiz Chapter 10 0 Saved from residential areas. Tinsley carried the land at its original cost of $65,000. According to an independent appraisal, the land 2 The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther
1 currently is worth $156,000. Tinsley paid $22,000 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance?
2. Prepare thejournal entry to record the exchange assuming the exchange has commercial substance. 3. Prepare thejournal entry to record the exchange assuming the exchange lacks commercial substance. 4. Prepare thejournal entry to record the exchange except that Tinsley received $27,000 in the exchange, and the exchange lacks
commercial substance. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance? Req 2 and 3 &gt;

 
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The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther from residential areas.

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12 The Tinsley Company exchanged land that it had been holding for future plant expansion for a more suitable parcel located farther
from residential areas. Tinsley carried the land at its original cost of $65,000. According to an independent appraisal, the land
currently is worth $156,000. Tinsley paid $22,000 in cash to complete the transaction. Required: 1. What is the fair value of the new parcel of land received by Tinsley assuming the exchange has commercial substance?
2. Prepare thejournal entry to record the exchange assuming the exchange has commercial substance.
3. Prepare thejournal entry to record the exchange assuming the exchange lacks commercial substance. 4. Prepare thejournal entry to record the exchange except that Tinsley received $27,000 in the exchange, and the exchange lacks
commercial substance. Complete this question by entering your answers in the tabs below. Req 4 Prepare the journal entry to record the exchange except that Tinsley received $27,000 in the exchange, and the exchange lacks commercial substance. (If no entry is required for a transaction/event, select &quot;No journal entry required&quot; in the first
account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet Req 1 Req 2 and 3 Record the exchange except that Tinsley received $27,000 in the exchange,
and the exchange lacks commercial substance.

 
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2-3 Quiz Chapter 10 0 Saved from residential areas. Tinsley carried the land at its original cost of $65,000.

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I don’t know how to fix this question. Could someone help me and give me a explaination?

 
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