Create the journal entries to record the transaction

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Reference no: EM13125651

At the beginning of the year Lambert Motors issued a 1 year, $116,000 note. The stated interest rate on the note is 8%. By issuing the note Lambert acquired some office equipment with a fair value of $107893. Prepare the journal entries to record the transaction and the interest expense at the end of the first year.

Reference no: EM13125651

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