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On October 1, 2018, Woburn Company purchased equipment from Brookline, Inc. in exchange for a noninterest-bearing note payable in five equal annual payments of $500,000,

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On October 1, 2018, Woburn Company purchased equipment from Brookline, Inc. in exchange for a noninterest-bearing note payable in five equal annual payments of $500,000, beginning Oct 1, 2019. Similar borrowings have carried an 11% interest rate. What would the equipment be recorded at

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