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Hemingway Company purchases equipment by issuing a 7-year, $210,000 non-interest-bearing note, when the market rate for this type of note is 7%. Hemingway will pay

Hemingway Company purchases equipment by issuing a 7-year, $210,000 non-interest-bearing note, when the market rate for this type of note is 7%. Hemingway will pay off the note with equal payments to be made at the end of each year. Required: Prepare the journal entry to record Hemingways acquisition of the equipment.

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