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Sept. 1 The company purchased office equipment costing $8,000 by signing a 6% note due in three years. The Equipment has a 5 year life

Sept. 1 The company purchased office equipment costing $8,000 by signing a 6% note due in three years. The Equipment has a 5 year life and no salvage value. The note requires monthly payments of $225 beginning on October 1st until the balance is paid.

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