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What amount will markwell record the purchase of equipment

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Question - On July 1, 2021, Markwell Company acquired equipment. Markwell paid $202,500 in cash on July 1, 2021, and signed a $810,000 noninterest-bearing note for the remaining balance which is due on July 1, 2022. An interest rate of 7% reflects the time value of money for this type of loan agreement. For what amount will Markwell record the purchase of equipment?

Reference no: EM132574818

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