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On jan 1, 2016 a company purchases a car for $100,000 by signing a note for the 100,000 with 4% interest rate. the note is

On jan 1, 2016 a company purchases a car for $100,000 by signing a note for the 100,000 with 4% interest rate. the note is to be paid in three equal payments of 36,034.85 at the end of each year beginning dec 31 2016.

Prepare journal entires for 2016, 2017, and 2018.

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