A machine is purchased for $7,000 down and 5 annual payments of $12,000. Using an 8%...
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A machine is purchased for $7,000 down and 5 annual payments of $12,000. Using an 8% interest rate, the present value factors are as follows: n=1 .93 n 2 .86 n-3 .79 n-4 .74 n-5 .68 Record the journal entry for the purchase of the machine. Record the necessary entry at the end of the first year to record the interest and the cash payment. A machine is purchased for $7,000 down and 5 annual payments of $12,000. Using an 8% interest rate, the present value factors are as follows: n=1 .93 n 2 .86 n-3 .79 n-4 .74 n-5 .68 Record the journal entry for the purchase of the machine. Record the necessary entry at the end of the first year to record the interest and the cash payment.
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Journal Entry for the Purchase of the Machine On the day the machine is purchased the following jour... View the full answer
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date:
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