Fishbone Corp. purchased a special tractor on December 31, 2012. The purchase agreement stipulated that Fishbone should
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Fishbone Corp. purchased a special tractor on December 31, 2012. The purchase agreement stipulated that Fishbone should pay $ 20,000 at the time of purchase and $ 5,000 at the end of each of the next 8 years. The tractor should be recorded on December 31, 2012 at what amount, assuming an appropriate interest rate of 12%.
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