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On August 1, 2020, PC Inc. bought land and machinery to expand its furniture manufacturing business. PC Inc. issued a $3,21 The prevailing rate of

On August 1, 2020, PC Inc. bought land and machinery to expand its furniture manufacturing business. PC Inc. issued a $3,21 The prevailing rate of interest for a note of this type is 9%. PC Inc. has a year end of July 31.

Required: Prepare the journal entry.

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