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Example : On January 1, 2010 a company purchases a new machine by signing a two year non- interest bearing $32,000 note. The company currently

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Example : On January 1, 2010 a company purchases a new machine by signing a two year non- interest bearing $32,000 note. The company currently pays 4.25% to borrow money at the bank. Interest on the note is compounded annually. The adjusting entry at year end, December 31, 2010 would include

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