Multiple Choice
Parnell Industries Parnell Industries sold a copy machine to Ranger Inc.on January 1,2012.The sale price of the machine was $4,000,000 and the machine cost $3,200,000 for Parnell to manufacture.Ranger will make four payments at the end of each year,beginning with 2012,of $1,261,883 each.The four payments of $1,261,883 when discounted at 10% have a present value of $4,000,000.An amortization table appears below:
If Parnell Industries is certain that it will collect all four payments from Ranger Inc.what amount of gross profit should Parnell recognize in 2012 from the sale?
A) $0
B) $861,883
C) $172,377
D) $800,000
Correct Answer:
Verified
Correct Answer:
Verified
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