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Laverne purchased a new piece of equipment to be used in its new facility. The...

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Accounting

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Laverne purchased a new piece of equipment to be used in its new facility. The $ 390,000 piece of equipment was purchased with a $ 58,500 down payment and with cash received through the issuance of a $ 331,500, 9%, 5-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $ 85,226 on December 31

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