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Problem: Dutchman Company purchased equipment on June 1 for $80,000. They paid $200,000 cash and signed a 12% two month note for the balance of $60,000. The equipment is to be depreciated $15,000 each year. Dutchman company prepares monthly financial statements.
Instructions:
A.) Record the general journal entry to record the acquisition of the equipment on June 1st.
B.) Record the June 30th deprecation and interest.
C.) Show how the equipment will be reflected on Dutchman Company's balance sheet on June 30. Do not try to prepare a entire balance sheet just the part that shows equipment.
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