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On January 1, 20XX, Counting Services Inc. issues a notes payable to Express Equipment Vendor for the purchase of factory equipment. The note has a

On January 1, 20XX, Counting Services Inc. issues a notes payable to Express Equipment Vendor for the purchase of factory equipment.
The note has a face value (principal) of $6,000,000. The note has a 3 year term and pays zero interest. Counting Services normal
borrowing rate is 10%. Prepare the journal entry to record the issuance of the note payable.
Account name DR CR

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