Business, 25.08.2020 22:01 jnsebastian2002

On January 1, 2019, Billips Corporation purchased equipment having a fair value of $72,054.94 by issuing a $90,000 note, payable in three $30,000 annual installments beginning December 31, 2019. Required:

Prepare:
a. the journal entry to record the purchase of the equipment.
b. a schedule to compute the annual interest expense.
c. the journal entries to record yearly interest expense and note repayments over the life of the note.

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On January 1, 2019, Billips Corporation purchased equipment having a fair value of $72,054.94 by iss...

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