4) The office furniture was acquired on January 1, 20x1. Terms of purchase w fol

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4) The office furniture was acquired on January 1, 20x1. Terms of purchase w follows: Five additional payments due semi-annually, starting on 7/1/x1 (continuing with 1/1/x2, 7/1/x2, 1/1/x3 and 7/1/x3) were accepted as zero-interest bearing notes ere as date of first payment: 1/1/x1 Amount of first payment: $ 1,275 The semi-annual payment is: 1275 The appropriate annual interest rate in the circumstances was determined to be: 5% [The note payable described above is referred to as Note Payable "A"] The life of the office furniture is estimated to be (number of years): The residual value (as a percentage of original cost) is estimated at:

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