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On July 1, 2024, a company acquired equipment. The company paid $190,000 in cash on $760,000 noninterest-bearing note for the remaining balance, which is
On July 1, 2024, a company acquired equipment. The company paid $190,000 in cash on $760,000 noninterest-bearing note for the remaining balance, which is due on July 1, 20 reflects the time value of money for this type of loan agreement. (PV of $1, PVA of $1) Which of the following should be included in the journal entry on July 1, 2024? Note: Round intermediate and final answer to nearest whole dollar amount. 1, 2024, and signed a interest rate of 5% Multiple Choice Credit Notes payable, $723,809 and Debit Discount on notes payable, $36,191. Credit Notes payable, $723,809. Debit Equipment, $950,000.
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