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Deferred Payment On January 2, 2013, Midwestern Corporation purchased an industrial furnace by signing a noninterest-bearing note requiring $50,000 to be paid on December 31,

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Deferred Payment On January 2, 2013, Midwestern Corporation purchased an industrial furnace by signing a noninterest-bearing note requiring $50,000 to be paid on December 31, 2014. The appropriate interest rate on notes of this nature is 10%. Record the acquisition of the furnace

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