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Show and how to record the transactions

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Reference no: EM132558279

Question 1: The following transactions occurred during the year. Record these transactions.

a. HHL took out a long-term loan for $3 million.

b. HHL purchased $1 million in inventory with cash.

c. HHL purchased equipment that cost $150,000 on account. The equipment is expected to last 15 years and has no salvage value.

Reference no: EM132558279

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