On january 1 2014 peg inc bought some equipment by signing

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On January 1, 2014, Peg, Inc. bought some equipment by signing a non-interest-bearing note for $160,000. The note is to be paid in four equal annual $40,000 payments, beginning on December 31, 2014. Current interest rates were 8%.

Required:

Prepare the journal entries necessary on January 1, 2014, and December 31, 2014

Reference no: EM13567946

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