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On July 1, 2018, Laska, equipment manufacturer, sold equipment costing $ 56,000 to Penaco Services in exchange for a zero-interest bearing note with a face

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On July 1, 2018, Laska, equipment manufacturer, sold equipment costing $ 56,000 to Penaco Services in exchange for a zero-interest bearing note with a face value of $ 66,000, with payment due in 12 months. The fair value of the equipment on the date of sale was $ 61,000 Laska has a calendar year reporting period. Instructions For Laska company journalize all entries, related to this sale. Account Titles Dr Cr

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