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Iris Inc. formed and purchased a parcel of land on which the company will build its warehouse. Iris Inc. signed a note promising to pay

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Iris Inc. formed and purchased a parcel of land on which the company will build its warehouse. Iris Inc. signed a note promising to pay $150,000 at the end of 20 years. There are no annual interest payments. The market interest rate is 3%, compounded annually. What journal entry must Iris Inc. record to reflect the purchase of land

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