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Windsor Corporation purchased a computer on December 31, 2019, for $136,500, paying $39,000 down and agreeing to pay the balance in five equal installments of
Windsor Corporation purchased a computer on December 31, 2019, for $136,500, paying $39,000 down and agreeing to pay the balance in five equal installments of $19,500 payable each December 31 beginning in 2020. An assumed interest rate of 9% is implicit in the purchase price.
(a)
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Prepare the journal entry at the date of purchase.
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