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Company X provides Company Z with a piece of equipment worth $100,000 on April 1, 2027. In exchange, Company Z issues Company X a promissory
Company X provides Company Z with a piece of equipment worth $100,000 on April 1, 2027. In exchange, Company Z issues Company X a promissory note in the amount of $120,000, due on March 31, 2030. Since no cash is exchanged, neither Company X or Company Z recognize an economic event in their general ledger. Rather, the matter is disclosed, if considered material. 1) True 2) False
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