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Illustrate XYZ accounting for the machine

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Question - XYZ Ltd transfers the machine to the customer on 1 January 2018 and agrees with the customer to use the following credit terms: pay $240,000 on eq December 2019 with an interest rate of 10% per annum. Illustrate XYZ's accounting for the machine by preparing journal entries. Extra info: this question is related to significant financing component concept.

Reference no: EM132893667

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