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On January 1, 2018, Milton Tools Company purchases machinery with a fair value of $300,000 by paying $50,000 in cash and signing a 10-year mortgage

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On January 1, 2018, Milton Tools Company purchases machinery with a fair value of $300,000 by paying $50,000 in cash and signing a 10-year mortgage note at 13% for the balance. Prepare the journal entry for January 1, 2018. Omit explanation. * Paragraph - BIE N Path

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GAO Financial Audit Manual Volume 3 June 2018

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