Question
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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Financial Accounting IFRS
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
2nd edition
1118285909, 1118285905, 978-1118285909
