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On January 1 , Snipes Construction paid for earth - moving equipment by issuing a $ 3 7 0 , 0 0 0 , 4
On January Snipes Construction paid for earthmoving equipment by issuing a $year note that specified interest to be paid on December of each year. The equipments retail cash price was unknown, but it was determined that a reasonable interest rate was Note: Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $ At what amount should Snipes record the equipment and the note? What journal entry should it record for the transaction?
On January Snipes Construction paid for earthmoving equipment by issuing a $year note that specified interest to be paid on December of each year. The equipments retail cash price was unknown, but it was determined that a reasonable interest rate was
Note: Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
At what amount should Snipes record the equipment and the note?
What journal entry should it record for the transaction?
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