Make the journal entry (or entries) necessary to record the following transaction: Purchased equipment with a fair

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Make the journal entry (or entries) necessary to record the following transaction: Purchased equipment with a fair market value of $100,000. Paid $10,000 cash as a down payment and signed two notes for the remaining cost—a 6% note for $20,000 that must be repaid (with interest) in six months and an 8% note for $70,000 that must be repaid (with interest) in two years.

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Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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