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Sold Equipment that has an cost of $475,000; and accumulated depreciation of $225,000 The company received in exchange a down payment of $80,000 and a
| Sold Equipment that has an cost of $475,000; | ||
| and accumulated depreciation of $225,000 | ||
| The company received in exchange a down payment of $80,000 and a Note | ||
| which requires 6 annual payments of $50,000 | ||
| The first note payment occurs 12/31/20. | ||
| The stated rate of interest for the note is 6%. | ||
| Record the original transaction, for the seller. | |
| Record the transactions through 12/31/22 |
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