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Record the transaction On August 1, 2021, P3 purchased $1,350,000 of equipment by signing a 4-year, 2% note payable. Interest is payable annually starting Aug.

Record the transaction

On August 1, 2021, P3 purchased $1,350,000 of equipment by signing a 4-year, 2% note payable. Interest is payable annually starting Aug. 1, 2022 and the principle will be due at the end of the note term. P3 s normal long-term borrowing rate is 8%.

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