Question: On January 1 , 2 0 2 x , a company purchased equipment at a contract price of $ 5 6 , 0 0 0

On January 1,202x, a company purchased equipment at a contract price of $56,000. The company made a cash down payment of $6,000 and signed a 3 year, 6% non-interest bearing note for the balance, due on December 31,202x. Interest is compounded annually. 1. The equipment account would be debited for what amount on January 1,202x?

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