Solution-Make the journal entry for brant cargo to record

Make the journal entry for brant cargo to record purchase

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Reference no: EM131795036

Question - At January 1, 2011, 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, 2011.

3. Prepare the journal entry for Brant Cargo to record the interest at December 31, 2012.

Reference no: EM131795036

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Make the journal entry for brant cargo to record purchase

Reference no: EM131795036

Reference no: EM131795036

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