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Blue Corporation bought a new machine on September 1,2022 and agreed to pay for it...

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Accounting

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Blue Corporation bought a new machine on September 1,2022 and agreed to pay for it in 6 equal annual installments of $3,000 with the first payment due immediately. Assuming that a prevailing interest rate of 8% applies to this contract, how much should Blue record as the cost of the machine? Prepare the journal entry for the purchase of the machine

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