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Record the interest expense for Dec

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Question - At January 1, 2021 Cargo Inc acquired equipment by issuing a five year, %150,000 (payable at maturity), 4% note. The market rate of interest for notes of similar risk is 10%.

Required -

1. Record the purchase of the equipment.

2. Record the interest expense for Dec. 31, 2021.

3. Record the interest expense for Dec. 31, 2022.

Reference no: EM132684866

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