On January 1, 2014, Peg, Inc. bought some equipment by signing a non-interest-bearing note for $160,000. The

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On January 1, 2014, Peg, Inc. bought some equipment by signing a non-interest-bearing note for $160,000. The note is to be paid in four equal annual $40,000 payments, beginning on December 31, 2014. Current interest rates were 8%.

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Prepare the journal entries necessary on January 1, 2014, and December 31, 2014

Related Book For answer-question

Intermediate Accounting

ISBN: 978-1118147290

15th edition

Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield

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Posted Date: May 25, 2018 01:10 AM

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On January 1, 2014, Peg, Inc. bought some equipment by signing a non-interest-bearing note for $160,000. The

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112014 Equipment 40000 3312 132480 Di... View the full answer

Intermediate Accounting

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