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21. Werner Corp. purchased a new piece of equipment on January 1, 2010. The equipment had a list price of $100,000, however the seller agreed
21. Werner Corp. purchased a new piece of equipment on January 1, 2010. The equipment had a list price of $100,000, however the seller agreed to allow Werner Corp. to pay for the equipment in 8 yearly installments of $15,000 on January 1 of each year, with the first payment on the date of purchase, January 1, 2010. Assuming the note incurs interest at 8%, what amount should Werner Corp. debit the equipment account for on the date of purchase?
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