On 1/1/2020, Algon Inc. purchased equipment with a note payable to be paid off in four...

 

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On 1/1/2020, Algon Inc. purchased equipment with a note payable to be paid off in four end-of-year payments of $175,000. Each payment includes principal plus interest on any unpaid balance. The annual interest rate is 11%. Write the journal entries on a 1/1/2020, b.12/31/2020, c. 12/31/2021, d. 12/31/2022 and e. 12/31/2023 On 1/1/2020, Algon Inc. purchased equipment with a note payable to be paid off in four end-of-year payments of $175,000. Each payment includes principal plus interest on any unpaid balance. The annual interest rate is 11%. Write the journal entries on a 1/1/2020, b.12/31/2020, c. 12/31/2021, d. 12/31/2022 and e. 12/31/2023