Question: Sunny Valley Inc purchased an Internet domain name by issuing

Sunny Valley Inc. purchased an Internet domain name by issuing a $220,000, five-year, non-interest-bearing note to Ti-Mine Corp. with an effective yield of 12%. The note is repayable in five annual payments of $44,000 each. Prepare the journal entry to record the purchase of the intangible asset.

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  • CreatedSeptember 18, 2015
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