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Please help! Flint Corporation purchased a special tractor on December 31, 2020. The purchase agreement stipulated that Flint should pay $18,210 at the time of
Please help!
Flint Corporation purchased a special tractor on December 31, 2020. The purchase agreement stipulated that Flint should pay $18,210 at the time of purchase and $4,870 at the end of each of the next 8 years. The tractor should be recorded on December 31, 2020, at what amount, assuming an appropriate interest rate of 12%? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to o decimal places, e.g. 458,581.) Cost of tractor to be recordedStep by Step Solution
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