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