Accounting: ABC acquires equipment issuing a $5k note payable, terms: 15% compounded annually, due in 3 years. The market rate of interest is 10% for similar notes. Record the acquisition on 1/1/A,and give adjusting entries for years A, B, and C.
Accounting: ABC acquires equipment issuing a $5k note payable, terms: 15% compounded annually, due in 3 years. The market rate of interest is 10% for similar notes. Record the acquisition on 1/1/A,and give adjusting entries for years A, B, and C.
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