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Business, 07.05.2020 12:58 Robyn32

On January 1, Year 1, Barrett, Inc., purchased equipment and signed a note agreeing to pay $100,000 on December 31, Year 3. The market interest rate applicable to the note was determined to be 10%. What is the amount that will be credited to Note Payable in the journal entry dated January 1, Year 1?

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On January 1, Year 1, Barrett, Inc., purchased equipment and signed a note agreeing to pay $100,000...
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