AICPA每日一练之FAR【2016-2-20】

高顿网校2016-02-19 10:36Lynn.yu
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Golden Co. purchased equipment from Silver Co. on July 1. Golden paid Silver $10,000 cash and signed a $100,000 noninterest-bearing note payable, due in three years. Golden recorded a $24,868 discount on notes payable related to this transaction. What is the acquired cost of the equipment on July 1?

A. $75,132

B. $85,132

C. $100,000

D. $110,000

Answer: B

This answer is correct. Facts state that $10,000 cash was paid and a long-term noninterest bearing note ($100,000 with a $24,868 discount) was given. If a note (receivable or payable) has a life longer than one year, it should be recorded at its present value. Therefore, the acquisition cost of the equipment would be equal to $85,132 = $10,000 + $75,132 ($100,000 ? $24,868).

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