financeCalculate the annual interest paid during the loan's length for each of the loan amounts, interest rates, annual payments, and loan terms listed in the following table, assuming that payments are made at the end of each year.
$$
\begin{array}{lrccl}
\text { Loan } & \text { Amount } & \text { Interest rate } & \text { Annual payment } & {\text { Term }} \\
\hline \text { A } & \$ 14,000 & 10 \% & \$ 4,416 & \text { 4 years } \\
\text { B } & 17,500 & 12 & 10,355 & 2 \\
\text { C } & 2,400 & 13 & 1,017 & 3 \\
\text { D } & 49,000 & 14 & 14,273 & 5 \\
\text { E } & 26,500 & 16 & 7,191 & 6
\end{array}
$$ financeOn January 1, Paisley, Inc., paid $560,000 for all of Skyler Corporation’s outstanding stock. This cash payment was based on a price of$180 per share for Skyler’s $100 par value preferred stock and$38 per share for its $20 par value common stock. The preferred shares are voting, cumulative, and fully participating. At the acquisition date, the book values of Skyler’s accounts equaled their fair values. Any excess fair value is assigned to an intangible asset and will be amortized over a 10-year period.
 During the year, Skyler sold inventory costing$60,000 to Paisley for $90,000. All but$18,000 (measured at transfer price) of this merchandise has been resold to outsiders by the end of the year. At the end of the year, Paisley continues to owe Skyler for the last shipment of inventory priced at $28,000.
 Also, on January 2, Paisley sold Skyler equipment for$20,000 even though it had a carrying amount of only $12,000 (original cost of$30,000). Both companies depreciate such property according to the straight-line method with no salvage value. The remaining life at this date was four years.
 The following financial statements are for each company for the year ending December 31 (credit balances indicated by parentheses). Determine consolidated financial totals for this business combination.
<center>
| | Paisley, Inc. | Skyler Corporation |
|------------------------------------|:----------------:|:------------------:|
| Sales | $(800,000) |$ (400,000) |
| Cost of goods sold | 528,000 | 260,000 |
| Expenses | 180,000 | 130,000 |
| Gain on sale of equipment | (8,000) | –0– |
|  Net income | $(100,000) |$ (10,000) |
| | | |
| Retained earnings, 1/1 | $(400,000) |$(150,000) |
|  Net income | **(100,000)** | **(10,000)** |
| Dividends declared | 60,000 | –0– |
|  Retained earnings, 12/31 | **$(440,000)** | **$(160,000)** |
| | | |
| Cash | $30,000 |$ 40,000 |
| Accounts receivable | 300,000 | 100,000 |
| Inventory | 260,000 | 180,000 |
| Investment in Skyler Corporation | 560,000 | –0– |
| Land, buildings, and equipment | 680,000 | 500,000 |
| Accumulated depreciation | (180,000) | (90,000) |
|  Total assets | **$1,650,000** | **$ 730,000** |
| Accounts payable | $(140,000) |$ (90,000) |
| Long-term liabilities | (240,000) | (180,000) |
| Preferred stock | –0– | (100,000) |
| Common stock | (620,000) | (200,000) |
| Additional paid-in capital | (210,000) | –0– |
| Retained earnings, 12/31 | (440,000) | (160,000) |
|  Total liabilities and equity | **$(1,650,000)** | **$(730,000)** |
</center> 15th Edition•ISBN: 9780205994861Susan A. MacManus, Thomas R. Dye177 solutions
11th Edition•ISBN: 9781305093300Michael D. Reisig, Todd R. Clear160 solutions
15th Edition•ISBN: 9780133745740Susan A. MacManus, Thomas R. Dye177 solutions
9th Edition•ISBN: 9781337531658Christina Dejong, Christopher E. Smith, George F Cole105 solutions
