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Gigler Co. bought some equipment on January 1, 2015. The company signed a note to pay for the equipment for two installments of $4,000 paid

Gigler Co. bought some equipment on January 1, 2015. The company signed a note to pay for the equipment for two installments of $4,000 paid annually. The market interest rate is 6%.

Record the journal entries for this transaction. Round to the nearest dollar.

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