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IV. Deferred Payment Plan (10 points] Marshall company purchased machinery on January 11 2001 and signed a two-year, 6 percent, $2,000 note that pays interest

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IV. Deferred Payment Plan (10 points] Marshall company purchased machinery on January 11 2001 and signed a two-year, 6 percent, $2,000 note that pays interest each December 31. The market interest is 12 percent on notes of similar risk. Provide the journal entrj,r to record this asset acquisition and all necessary entries in the following 2 years

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