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Dieland company issues

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On January 1, Dieland Company issues a $20,000 non interest bearing, 5 year note for equipment. Neither the fair value of the note nor the equipment is determinable. Dieland Company's incremental borrowing rate is 9%.

The asset has a useful life of 7 years. Prepare the journal entry for Dieland to record the issuance of the note on January 1 

Reference no: EM13871565

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