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On October 1, 2014, Arden Farm Equipment Company sold a pecan-harvesting machine to Valco Brothers...

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Accounting

On October 1, 2014, Arden Farm Equipment Company sold a pecan-harvesting machine to Valco Brothers Farm, Inc. In lieu of a cash payment Valco Brothers Farm gave Arden a 2-year, $157,000, 10% note (a realistic rate of interest for a note of this type). The note required interest to be paid annually on October 1. Arden

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