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Issue non-interest bearing note payable due in 3 years (face amt. = $10k) for equipment. Market rate of interest = 12%. a. Cost of equipment?
Issue "non-interest bearing" note payable due in 3 years (face amt. = $10k) for equipment. Market rate of interest = 12%.
a. Cost of equipment?
b. Acquisition entry?
c. Interest expense and entries for 1st 2 years?
explanation required
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