Question
Marshall company purchased machinery on January 1, 2011 and signed a two-year, 6 percent, $2,000 note that pays interest each December 31. The market interest
Marshall company purchased machinery on January 1, 2011 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 entry to record this asset acquisition.
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
13th edition
978-1-119-4110, 1119411483, 9781119411017, 978-1119411482
