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John purchased a new piece of equipment to be used in its new facility. The $440,000 piece of equipment was purchased with a $66,000
John purchased a new piece of equipment to be used in its new facility. The $440,000 piece of equipment was purchased with a $66,000 down payment and with cash received through the issuance of a $374,000, 6%, 5-year mortgage payable issued on January 1, 2025. The terms provide for annual installment payments of $88,786 on December 31.
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