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Darmow corporation purchased a new machine

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On August 2, 2010, Darmow Corporation purchased a new machine on a deferred payment basis. It made a down payment of $1,000 and will make four monthly installments of $2,500 each beginning on September 1, 2010. The cash equivalent price of the machine was $9,500. Darmow incurred and paid installation costs amounting to $300.

Required:
Prepare the journal entry to record the acquisition of the machine.

Reference no: EM13872592

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