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On December 31, 2020, Pina Company acquired a press from Sugar Corporation by issuing a $397,000 zero-interest-bearing note, payable in full on December 31,
On December 31, 2020, Pina Company acquired a press from Sugar Corporation by issuing a $397,000 zero-interest-bearing note, payable in full on December 31, 2023. Pina's credit rating permits it to borrow funds from its several lines of credit at 8%. The press is expected to have a 6-year life and a $36,000 salvage value.
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Financial Accounting Theory
Authors: William R. Scott
7th edition
132984660, 978-0132984669
