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On 1st April, 20X7, Miller Oil Company purchased a pumping truck. The sole consideration was a $100,000 note due in one year. Interest of $12,000 was added the face amount of the note. If Miller had purchased the truck for cash, the purchase price would have been only $88,000. (a) Create the appropriate journal entry to record the purchase on 1st April, 20X7.
(b) Create the appropriate journal entry to record the year-end discount amortization on December 31, 20X7.
(c) Prepare the suitable journal entry to record the payment of the note on 31st March, 20X8.
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