On January 1, 2023, a company acquired equipment for $200,000 by signing a five-year, 10% note payable, repayable in installments of $40,000 per year plus interest on the outstanding balance. Payments are due on December 31 of each year. What is the journal entry made on January 1 to record the purchase of the equipment?

Answer rating: 100% (QA)

On January 1 2023 the journal entry to record the purchase ... View the full answer