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Splish Brothers, Inc. purchased two trucks by issuing a $134,400, 6-year, zero-interest-bearing note to GEC Funding Inc. The market rate of interest for obligations of

Splish Brothers, Inc. purchased two trucks by issuing a $134,400, 6-year, zero-interest-bearing note to GEC Funding Inc. The market rate of interest for obligations of this nature is 8%.

Prepare the journal entry to record the purchase of the two trucks.

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