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The annual interest charges

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Reference no: EM13871414

On January 1, 2010, the Sanders Corporation purchased equipment having a fair value of $68,301.30 by issuing a non interest bearing, $100,000, four year note due December 31, 2013.

Requirement:
Prepare the journal entries to record

(1) The purchase of the equipment,

(2) The annual interest charges over the life of the note, 

(3) The repayment of the note. 

Reference no: EM13871414

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