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. Purchased a parcel of land on March 1, 2019 for $970,000 by paying $450,000 in cash and signing a short-term note payable with the
. Purchased a parcel of land on March 1, 2019 for $970,000 by paying $450,000 in cash and signing a short-term note payable with the seller for $520,000. You must repay the $520,000 in exactly one year on March 1, 2020. You agree to pay the seller 5 percent interest (annual rate) on a quarterly basis (June 1, September 1, December 1, 2019, and March 1, 2020). [Adjusting Entry Required]
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Intermediate Accounting
Authors: kieso, weygandt and warfield.
IFRS Edition
978-1118443965, 1118800532, 9781118800539, 978-0470873991
