The interest rate implicit in the purchase contract is 11%. Polo would record the asset at:
A. $109,618.
B. $123,918.
C. $130,000.
D. $169,560.
Answer:B
The interest rate implicit in the purchase contract is 11%. Polo would record the asset at:
A. $109,618. B. $123,918. C. $130,000. D. $169,560.