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Garcia Corporation purchased a truck by issuing an $108,800,5-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is10%.
Garcia Corporation purchased a truck by issuing an $108,800,5-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is10%.
Prepare the journal entry to record the purchase of this truck.
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Core Concepts Of Accounting Information Systems
Authors: Mark G. Simkin, Carolyn A. Strand Norman, Scott Paquette
1st Canadian Edition
