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On April 1, 2016, Meyers Company purchased a bulldozer. Payment, totaling $70,000, is not due...

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Accounting

On April 1, 2016, Meyers Company purchased a bulldozer. Payment, totaling $70,000, is not due until April 1, 2018. Assuming interest at a 12% annual rate, Meyers should debit Machinery on April 1, 2016, in the amount of

$55,804.

$62,500.

$70,000.

$61,600.

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