Garcia Corporation purchased a truck by issuing an 80000 4 year zero-interest-bearing note to Equinox...
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Accounting
Garcia Corporation purchased a truck by issuing an 80000 4 year zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck. how do you use the market rate of interest? what is the discount? Why and how you get that number to multiply
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