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Garcia Corporation purchased a truck by issuing an...

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Garcia Corporation purchased a truck by issuing an $249,600, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 9%. Prepare the journal entry to record the purchase of this truck. (Round answers to 0 decimal places, e.g. $45,892. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

 

Paper#11067 | Written in 18-Jul-2015

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