Question: On July 1 , 2 0 2 4 , a company acquired equipment. The company paid $ 1 6 5 , 0 0 0 in

On July 1,2024, a company acquired equipment. The company paid $165,000

On July 1,2024, a company acquired equipment. The company paid $165,000 in cash on July 1,2024, and
signed a $660,000 noninterest-bearing note for the remaining balance, which is due on July 1,2025. An
interest rate of 7% reflects the time value of money for this type of loan agreement. (PV of $1, PVA of $1)
Which of the following should be included in the journal entry on July 1,2024?
Note: Round intermediate and final answer to nearest whole dollar amount.
in cash on July 1,2024, and signed a $660,000 noninterest-bearing note for

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