Purchase machinery by paying

$50,000

down and agreeing on 4 equal installments of

$40,000

payable at the end of each year. Interest rate is

8%

. Prepare journal entries for the acquisition of the machine and the first

2$40,000

payments on the note.

Purchase machinery by paying $50,000 down and agreeing on 4 equal installments of $40,000 payable at the end of each year. Interest rate is 8%. Prepare journal entries for the acquisition of the machine and the first 2$40,000 payments on the