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Accounting Question HELP! Cardinals Corporation purchased a computer on December 31, 2019, for $105,000, paying $30,000 down and agreeing to pay the balance in five
Accounting Question HELP!
Cardinals Corporation purchased a computer on December 31, 2019, for $105,000, paying $30,000 down and agreeing to pay the balance in five equal installments of $15,000 payable each December 31 starting December 31, 2020. An assumed interest rate of 10% is implicit in the purchase price. The computer is 4 of 9 Chapter 10 Homework - PPE Acquisitions depreciated on a straight-line basis over a useful life of 5 years with no salvage value. Instructions: Prepare journal entries relating to the equipment and notes payable for all 5 years. Date Account Debit Credit
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