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Prepare the journal entry for purchase

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A machine is purchased by issuing a $70,000, 5-year, 3% note payable. This buyer would have to pay 10% interest to borrow money from banks and other financial institutions. Prepare the journal entry for this purchase assuming that:

(a) The fair market value of the machine is $60,000.

(b) The fair market value of the machine is unknown.

Reference no: EM13513453

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