At January 1, 2018, Brant Cargo acquired equipment by issuing a six-year, $200,000 (payable at...
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Accounting
At January 1, 2018, Brant Cargo acquired equipment by issuing a six-year, $200,000 (payable at maturity), 5% note. The market rate of interest for notes of similar risk is 10%.
Prepare necessary journal entries:
1. On Jan 1, 2018
2. On Dec 31, 2018
3. On Dec 31, 2019
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