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Determine at what value the asset would be recorded

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Reference no: EM133075040

Question - Carl Manufacturing purchased a purchased a plant asset on July 1, 2020 by issuing a one-year note with a face value of $10,165. The plant asset has a fair value of $9,500 at the time of the purchase.

Determine at what value the asset would be recorded in Carl's book and make a journal entry for the asset purchase on July 1, 2020.

Prepare the journal entries in Carl's book for interest expenses on December 31, 2020 and June 30, 2021 and notes repayment on June 30, 2021. Carl's fiscal year ends on December 31.

Reference no: EM133075040

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