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Prepare the journal entry to record the purchase

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Question - Sunny Valley Inc. purchased an Internet domain by issuing a $220,000, five-year, non-interest-bearing note to Ti-Mine Crop. with an effective yield of 12%. The note is repayable in five annual payments of $44,000 each. Prepare the journal entry to record the purchase of the intangible asset.

Reference no: EM132020620

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