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State purchases equipment having a current fair market value

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On January 1, 2017, the Shertz Corporation purchases equipment having a current fair market value of $62,100 by issuing a non-interest-bearing, five-year note with a face amount of $100,000. Instructions: Prepare the journal entries to record (1) the purchase of the equipment and (2) the annual interest charges for 2017.

Please show all work for all calculations.

Reference no: EM131760446

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