Solved: The entry to record the purchase of the equipment would, Accounting Basics

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The entry to record the purchase of the equipment would

On July 1, 2015, Ten Company purchased new equipment with a fair value of $48,000 in exchange for a $50,000, 2 year, 8% note. Principal and interest on the note are due on July 1, 2017. The entry to record the purchase of the equipment would include

Selected Answer: b.

A debit to "Discount on note payable" for $7,133

Correct Answer: c.

A debit to "Equipment" for $50,000

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Accounting Basics: The entry to record the purchase of the equipment would

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Accounting Basics: The entry to record the purchase of the equipment would

Reference No:- TGS02559408

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