On June 1, 2019, Jorgensen Corporation purchased a piece of equipment with a list price of $200,000
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On June 1, 2019, Jorgensen Corporation purchased a piece of equipment with a list price of $200,000 and signed a five-year noninterest-bearing note. The market rate at the time the note was signed was 8 percent. Given the following amortization schedule for the note and the fact that Jorgensen has a December 31 fiscal year-end, make the entries necessary for 2019, 2020, and 2021.
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Related Book For
Introduction To AccountingAn Integrated Approach
ISBN: 9781119600107
8th Edition
Authors: Penne Ainsworth, Dan Deines
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