Question: Deferred Payment Problem: $55,000 down payment on equipment 4 payments of 30,000 each at 10% implicit interest rate 1) Record purchase of equipment 2) Show

Deferred Payment Problem: $55,000 down payment on equipment 4 payments of

Deferred Payment Problem: $55,000 down payment on equipment 4 payments of 30,000 each at 10% implicit interest rate 1) Record purchase of equipment 2) Show balance sheet of N/P after purchase 3) Prepare amortization schedule 4) Prepare journal entry(ies) for first payment 5) Show balance sheet of N/P after first payment

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