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On August 31, 2021 Eddy Corporation purchases a new $100,000 com combine, giving in return a $110,000 noninterest bearing note due on January 1, 2022.

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On August 31, 2021 Eddy Corporation purchases a new $100,000 com combine, giving in return a $110,000 noninterest bearing note due on January 1, 2022. Prepare the entries to account for the note in 2021 and 2022. (10 points)

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