Martin Corporation purchased a truck by issuing an $80,000, 12% note to Equinox Inc. Interest is payable

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Martin Corporation purchased a truck by issuing an $80,000, 12% note to Equinox Inc. Interest is payable annually and the note is payable in four years. 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...
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Intermediate Accounting

ISBN: 978-0176509736

10th Canadian Edition, Volume 1

Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,

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