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Prepare the journal entry at the date of purchase

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Question - Novak Corporation purchased a computer on December 31, 2016, for $157,500, paying $45,000 down and agreeing to pay the balance in five equal installments of $22,500 payable each December 31 beginning in 2017. An assumed interest rate of 9% is implicit in the purchase price.

Prepare the journal entry at the date of purchase.

Reference no: EM132220410

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