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Prepare the journal entry for the purchase on december

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Question - On December 31, 2020, Sheridan Company acquired a computer from Plato Corporation by issuing a $557.000 zero-interest-bearing note, payable in full on December 31, 2024. Sheridan Company's credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a $63,000 salvage value. Prepare the journal entry for the purchase on December 31, 2020.

Reference no: EM133188186

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