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Question 5 (4 points total): Jan 15, 2020: Po Lam Inc. buys a machine from Tseung Kwan O Inc. and will make 3 equal payments

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Question 5 (4 points total): Jan 15, 2020: Po Lam Inc. buys a machine from Tseung Kwan O Inc. and will make 3 equal payments of 400,000 over the next 18 months (payments on June 30, 2020; Dec 31, 2020; and June 30, 2021). The interest rate on this annuity is 14%. Record all the journal entries from Jan 1* 2020 until the expiration of the annuity. (4 points) Assume the machine does not depreciate

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