Exercise 10-15 Coronado Corporation purchased a computer on December 31, 2019, for $119,700, paying $34,200...
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Accounting
Exercise 10-15 Coronado Corporation purchased a computer on December 31, 2019, for $119,700, paying $34,200 down and agreeing to pay the balance in five equal installments of $17,100 payable each December 31 beginning in 2020. An assumed interest rate of 8% is implicit in the purchase price. Prepare the journal entry at December 31, 2020, to record the payment and interest (effective-interest method employed). Date Account Titles and Explanation Debit Credit December 31, 2020
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