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NAME III. On January 1, 2016 Karel Corp. purchased a machine having a fair market value of $53.132 by issuing year noninterest bearing $75,000 note.

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NAME III. On January 1, 2016 Karel Corp. purchased a machine having a fair market value of $53.132 by issuing year noninterest bearing $75,000 note. REQUIRED: Prepare the journal entry to record the purchase and then calculate the book value of this note fiscal year-end 2016. (Use effective interest and SHOW your amortization table)

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