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What amount should the Company record the Machinery

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Question - On January 1, 2017, Nixon Company purchased a machine and made a cash down payment of $2,000. The seller agreed to allow Nixon to pay for the balance of the machine over a 3-year period at 10% interest and with equal payments of $8,444 due at the end of 2017, 2018, and 2019. What amount should the Company record the asset account, Machinery, as on the day the contract was initiated?

Reference no: EM132602241

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