Question 7 On 5-05-21, the farm business purchases a mare for $18,000 using a loan. What is the proper journal entry to record this acquisition? Debit Note Payable, Credit Mare O Debit Mare, Credit Cash O Debit Cash, Credit Mare Debit Mare. Credit Note Payable A Question 8 If the farm business sells a capital asset after its recovery period is over, you must update depreciation on the date of sale. True False