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Purchase by Installment: ABC Company purchased an equipment at an installment price. details as follows:...

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Accounting

Purchase by Installment: ABC Company purchased an equipment at an installment price. details as follows:

Purchase Price: 550,000

Downpayment : 200,000

Annual Payment: 87,500

Number of Annual Payments: 4

Effective Interest: 5

How much is the cost of equipment acquired at installment?

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