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1.At January 1, 2013, Brant Cargo acquired equipment by issuing a five year, $150,000 (payable at maturity), 4% note. The market rate of interest for notes of similar risk is 10%.Required:1. Prepare the journal entry for Brant Cargo to record the purchase of the equipment.2. Prepare the journal entry for Brant Cargo to record the interest at December 31, 2013.3. Prepare the journal entry for Brant Cargo to record the interest at December 31, 2014.
what is the difference between revenue expenditures and capital expenditures during a useful life? are there
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Compute the gain or loss to Lyndhurst Company on reacquisition of bonds on June 30, Year 2 and record the appropriate journal entry
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