6 Chavez Corporation purchased a truck by issuing an $80,000, four-year, non- interest-bearing note to Equinox Inc.

Question:

6 Chavez purchased a truck by issuing an $80,000, four-year, non- interest-bearing note to Equinox Inc. The market interest rate for obligations of this nature is 12%. Prepare the journal entry to record the truck purchase.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...