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Record the journal entry for the purchase of the truck

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Problem 1. Wish issued a $28,000, six percent note for an automobile with a retail value of $32,164. Wish's incremental borrowing rate was six percent. Record the journal entry for the purchase of the automobile.

Problem 2. Request issued a $38,400, zero percent note for the purchase of a new truck with a retail value of $38,400. There are five annual payments on the truck. Request's incremental borrowing rate was six percent. Record the journal entry for the purchase of the truck.

Reference no: EM132820959

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