On December 31, 20x3 you sell manufacturing equipment to a customer on the following terms....
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Accounting
On December 31, 20x3 you sell manufacturing equipment to a customer on the following terms. The purchase price of $500,000 will be payable as follows:
Prepare the journal entries for the years 20x3 - 20x5 assuming that the cash price of the equipment is $440,000. Assume the effective interest method is used.
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