(L04) Garcia Corporation purchased a truck by issuing an $80,000, 4-year, zero-interest-bearing note to Equinox Inc. The...
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(L04) Garcia Corporation purchased a truck by issuing an $80,000, 4-year, zero-interest-bearing note to Equinox Inc.
The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck.
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