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Snipes construction paid for earth-moving equipment by

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Snipes Construction paid for earth-moving equipment by issuing a $300,000, 3-year note that specified 2% interest to be paid on December 31 of each year. The equipment's retail cash price was unknown, but it was determined that a reasonable interest rate was 5%.

(a) At what amount should Snipes record the equipment and the note?

(b) What journal entry should it record for the transaction?

Reference no: EM13609751

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