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What would be the general and adjusting entries for this? 7. June 30th, paid $75,000 for a building (estimated useful life of 40 years; salvage
What would be the general and adjusting entries for this?
7. June 30th, paid $75,000 for a building (estimated useful life of 40 years; salvage
value = $5,000) by signing a 5 year Note Payable, promising to pay 5% interest at
the end of each of those 5 years (i.e. on June 30th of each year).
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