Mysnhu Login Calculator Print Item unts Payable and Cash Discounts Instructions Next Level Chart of Accounts General Journal Balance Sheet structions rd Company had the following transactions during 2016 and 2017: On December 24, 2016, a computer was purchased on account from Computers International for $60,000. Terms of the sale were 2/10, 1/30. 2 Byrd calculated that to forgo the discount for the computer would be the equivalent of paving 36% Interest annually for the extra 20 days. Therefore, Byrd went to First Local Bank and signed a $60,000, 30-day note at 12% in order to take advantage of the discount terms. This transaction took place on December 29, 2016. The account payable was paid on January 2, 2017 and the note was paid at maturity. Assume a 360-day year On December 30, 2016, Byrd declared a $2.00 cash dividend to the common shareholders. Ten thousand shares were outstanding on this date The dividend is to be paid on January 5, 2017. (Byrd Company charges dividends directly to retained earnings.) Required: Prepare the journal entries for Byrd for both 2016 and 2017 Assume that the net price methods used to account for the credit terms 2 Show hone preceding tems would be reported in the current antes section of Brols December 3 2016 balance sheet 3. Next Level Assuming Byro's current assets were 5H200 000 and current and was 24 at the end of 2016 compte trecuentrato at well end of 2015 based on the effects of the preceding tensions