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Problem - Notes Receivable On January 1, 2019, Worthylake Company sold used machinery to Brown Company, accepting a $25,000, non-interest-bearing note maturing on January 1, 2021. Worthylake carried the machinery on its books at a cost of $22,000 and a current book value of $15,000. Neither the fair value of the machinery nor the note was determinable at the time of sale; however, Brown's incremental borrowing rate was 12%.
Required - Prepare the journal entries on Worthylake's books to record:
sale of the machinery
related adjusting entries on December 31, 2019, and 2020
payment of the note by Brown on January 1, 2021
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