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Example: JBS, Inc. contracts to buy a specialized machine to crush and sort plastic, glass, and aluminum cans and bottles for recycling. It agrees to
Example: JBS, Inc. contracts to buy a specialized machine to crush and sort plastic, glass, and aluminum cans and bottles for recycling. It agrees to make a one-time payment of $310,000 to the manufacturer at the end of four years and signs a noninterest-bearing note with a face value of $310,000. What journal entry is necessary to record the asset acquisition? Assume the market rate of interest is 6%
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