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Prepare journal entries to record purchase of equipment

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Problem - Note Payable Issued in Exchange for an Asset - On January 1, 2019, Sanders Corporation purchased equipment having a fair value of $68,301.30 by issuing a non-interest-bearing, $100,000, 4-year note due December 31, 2022.

Required - Prepare the journal entries to record (1) the purchase of the equipment (2) the annual interest charges over the life of the note (3) the repayment of the note.

Reference no: EM132888897

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