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Pilsbury Co. bought machines on January 1, 2013. The company signed a note to pay $32,000 for the machines on December 31, 2014. The market

Pilsbury Co. bought machines on January 1, 2013. The company signed a note to pay $32,000 for the machines on December 31, 2014. The market interest rate is 10%.

Record the journal entries for this transaction. Round to the nearest dollar.

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