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0n 12/31/2019, Sold Equipment that has a cost of $475,000; and accumulated depreciation of $225,000 The company received in exchange a Note which requires 6
| 0n 12/31/2019, Sold Equipment that has a cost of $475,000; | ||||||
| and accumulated depreciation of $225,000 | ||||||
| The company received in exchange a Note | ||||||
| which requires 6 annual payments of $50,000 | ||||||
| The first payment occurs on 12/31/20. | ||||||
| The stated rate of interest for the note is 6%. Required: A. Record the original transaction, for the seller. Record transaction through 12/31/22 B. Record the original transaction, for the purchaser. Record transaction through 12/31/22
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