Eagle Corp. purchased a new piece of equipment on January 1,…

Eagle Corp. purchased a new piece of equipment on January 1, 2024.  The equipment had a list price of $100,000, however the seller agreed to allow Eagle Corp. to pay for the equipment in 8 yearly installments of $15,000 on December 31 of each year.  Assuming the note incurs interest at 12% annually, what amount should Eagle Corp. debit the equipment account for on the date of purchase? (Round to the nearest dollar).   Answer:  $_______

Eagle Corp. had accounts receivable of $625,000 and an allow…

Eagle Corp. had accounts receivable of $625,000 and an allowance for uncollectible accounts of $46,500 just prior to writing off as worthless an account receivable for Bobcat Inc. of $6,000. Calculate the net realizable value of accounts receivable as shown by the accounting records after the write-off.   Answer:  $_______