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please i need a answer thank you in advance On October 1, 2017, Healy Farm Equipment Corp., a farm equipment dealer, sold a harvesting machine
please i need a answer thank you in advance
On October 1, 2017, Healy Farm Equipment Corp., a farm equipment dealer, sold a harvesting machine to Homestead Industries. Instead of a cash payment, Homestead Industries gave Healy Farm Equipment a $150,000, two-year, 10 % note; 10% is a realistic rate for a note Farm Equipment's financial statements are prepared on a calendar-year basis. this type. The note required interest to be paid annually on October 1, beginning October 1, 2018. Healy Assuming that no reversing entries are used and that Homestead Industries fulfills all the terms of the note, prepare the necessary journal entries for Healy Farm Equipment Corp. for the entire the note. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account term for the amounts.) titles and enter Date Account Titles and Explanation Debit CreditStep by Step Solution
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