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Marin Corporation purchased a truck by issuing an $79,600, four-year, noninterest-bearing note to Equinox Inc. The market interest rate for obligations of this nature is

Marin Corporation purchased a truck by issuing an $79,600, four-year, noninterest-bearing note to Equinox Inc. The market interest rate for obligations of this nature is 10%. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1.

Prepare the journal entry to record the truck purchase.

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