Question: Brief Exercise 8-38 (Algorithmic) Notes Payable Renchen Company, which manufactures steel tubing and casing for automobile production, borrowed $132,000 on January 1 to finance the

Brief Exercise 8-38 (Algorithmic)

Notes Payable

Renchen Company, which manufactures steel tubing and casing for automobile production, borrowed $132,000 on January 1 to finance the purchase of a new piece of machinery with new heating technology. The terms of Renchen's note dictate that it is a 7-month, 8%, interest-bearing note.

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