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Martinez Corporation purchased a computer on December 31. 2016, for $134.400, paying $38,400 down and agreeing to pay the balance in five equal installments of
Martinez Corporation purchased a computer on December 31. 2016, for $134.400, paying $38,400 down and agreeing to pay the balance in five equal installments of $19,700 payable each December 31 beginning in 2017. An assumed interest rate of 8% is implicit in the purchase price.
Prepare the journal entry at the date of purchase.
Do not copy from Chegg and give complete answer with explanation
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