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To purchase inventory on January 1, 2021, Safeway signed a $600,000, three-year, noninterest-bearing no with payment in full due December 31, 2023. Safeway typically borrows

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To purchase inventory on January 1, 2021, Safeway signed a $600,000, three-year, noninterest-bearing no with payment in full due December 31, 2023. Safeway typically borrows at an 8% interest rate but will on have to pay $600,000 at the maturity of the note. Safeway's journal entry on January 1, 2021 to record the transaction would include

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