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Prepare the journal entry to record Hemingway acquisition

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Problem - Hemingway Company purchases equipment by issuing a 7-year, $350,000 non-interest-bearing note, when the market rate for this type of note is 10%. Hemingway will pay off the note with equal payments to be made at the end of each year. Prepare the journal entry to record Hemingway's acquisition of the equipment.

Reference no: EM132885263

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