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A company purchased equipment and signed a 5-year installment loan at 9% annual interest. The...

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Accounting

A company purchased equipment and signed a 5-year installment loan at 9% annual interest. The annual payments equal $14,911. The present value factor for an annuity for seven years at 9% is 3.8897. What value for this equipment should be recorded on the company's books on the day the contract is signed? (Round your answer to the nearest whole dollar amount.)

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