Question
On January 1, 2019, Rubin Co. issued a 3-year non-interest-bearing note of $250,000 in exchange for a custom-made machine for which there is no obvious
On January 1, 2019, Rubin Co. issued a 3-year non-interest-bearing note of $250,000 in
exchange for a custom-made machine for which there is no obvious market value. The
appropriate discount rate is 5%. Prepare the journal entry to purchase this machine.
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
ISBN: 978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475
