On october 1, 2011 Justine Company purchased equipment from Napa Inc. in exchange for a...
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Accounting
On october 1, 2011 Justine Company purchased equipment from Napa Inc. in exchange for a noninterest bearing note payable in five equal annual payment of $500,000 beginning Oct 1, 2012. Similar borrowing have carried an 11% interest rate . The equipment would be recorded at a. $2,500,000 b. $2,225,000 c.$1,847,950 d.$2,115,270
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