On January 1,2023, Easterland Company purchased land by paying $5000 down and...

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Accounting

On January 1,2023, Easterland Company purchased land by paying $5000 down and signing a noninterest-bearing note agreeing to make equal payments of $8000 on December 31 of the years 2023 through 2036. A ten percent interest rate would have been appropriate for this transaction. Prepare all entries related to the acquisition and subsequent payments for 2023. The company has a December 31 year end.

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