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Sept. 15-Purchased land by issuing a $480,000, 90-day note to Ace Development Co., which discounted it at 8%. Dec. 14-Journalized the payment of the September

Sept. 15-Purchased land by issuing a $480,000, 90-day note to Ace Development Co., which discounted it at 8%. Dec. 14-Journalized the payment of the September 15 note at maturity

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