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Garcia Corporation purchased a truck by issuing an $192,000, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature

Garcia Corporation purchased a truck by issuing an $192,000, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 11%. Prepare the journal entry to record the purchase of this truck.

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