Quartech Enterprises manufactures and distributes

thermostats for major kitchen appliances #3094

Quartech Enterprises manufactures and distributes thermostats for major kitchen appliances. At
the beginning of the current year, Quartech decided to expand its operations by acquiring a
metal soldering machine. The machine is to be produced by the manufacturer according to
Quartech’s specifications and it does not have a market outside of this transaction. To finance
this purchase, the manufacturer provided Quartech with credit and asked the company to issue
a five- year, $ 800,000 non- interest- bearing note payable. If Quartech borrowed the funds from
a commercial bank, it would have incurred a 4% interest rate. Required a. Determine the proper
valuation of the machine.b. Prepare the journal entry to record the acquisition.View Solution:
Quartech Enterprises manufactures and distributes thermostats for major kitchen appliances

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