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On 1/1/19 Bills purchased several espresso machines on credit agreeing to pay three annual installments of $163,685 beginning on 12/31/19. Record the journal entry for

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On 1/1/19 Bills purchased several espresso machines on credit agreeing to pay three annual installments of $163,685 beginning on 12/31/19. Record the journal entry for the equipment purchase and the payment for each installment (round all amounts). Payment Principal Balance Interest Expense (11%) $163,685 $163,685 $163,685

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