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10 pts On January 1, 2020, Mission Company agreed to buy some equipment from Ardean Company. Mission Company signed a note agreeing to pay Airclean
10 pts On January 1, 2020, Mission Company agreed to buy some equipment from Ardean Company. Mission Company signed a note agreeing to pay Airclean Company the entire 5600,000 in one payment for the equipment on December 31, 2022. The market rate of Interest for this type of note was 10% Required: (Round all answers to whole dollar amounts) A Prepare the joumal entry Mission Company would record on January 1, 2020 related to this purchase B. Prepare the December 31, 2020, adjusting entry to record interest expense related to the note for the fast year. Assume that no adjusting entries have been made during the year C. Prepare the December 31. 2021. adjusting entry to record interest expense related to the note for the second year Assume that no adjusting entries have been made during the year D. Prepare the entry les Mission Company would record on December 31, 2022. tre due date of the ye to record interesten for the third year and payment of the note. Assume that no adjusting entries have been made during the year. Hound the interest expense to an amount that will crease notes coyable to the correct final payo amount EditViewInsent Format Tol Tube
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