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Pronghorn Inc. bought an internet domain name by issuing a $234,000,6-year, non-interest-bearing note to Ti-Mine...

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Accounting

Pronghorn Inc. bought an internet domain name by issuing a $234,000,6-year, non-interest-bearing note to Ti-Mine Corp. with an effective yield of 10%. The note is repayable in 6 annual payments of $39,000 made at the end each
Click here to view Table A.4- PRESENT VALUE OF AN ORDINARY ANNUITY OF 1
Prepare the journal entry to record the purchase of the intangible asset. (Round factor values to 5 decimal places, e.g.1.25124 and final answer to 0 decimal places, e.g.5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.)
Account Titles and Explanation
Debit
Credit
image

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