Based on the information provided in 3, assume that the note had a stated interest rate of
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Based on the information provided in 3, assume that the note had a stated interest rate of 7% and that interest-only payments are paid semi-annually on 30 June and 31 December of each year.
a. Record Premier’s journal entry related to the purchase of the equipment.
b. Record the adjusting entries for 2009, 2010 and 2011.
c. Record the journal entry for the payment of the note on 31 December 2011.
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