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NMP Corporation bought a new machine on November 1, 2021 and agreed to pay for it in 4 equal annual installments of $5,500 with the

NMP Corporation bought a new machine on November 1, 2021 and agreed to pay for it in 4 equal annual installments of $5,500 with the first payment due immediately. Assuming that a prevailing interest rate of 6% applies to this contract, how much should NMP record as the cost of the machine? Prepare the journal entry for the purchase of the machine.

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