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What is the entry for interest accrued on the note

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Riley, Inc., a calendar year firm, buys equipment, signing a 3 year, $750,000, non-interest bearing note, on 9/30/20A. The equipment has a fair value at signing of $629,715. Please provide the entry for the initial purchase for Riley. What is the entry for interest accrued on the note at 12/31/20A? What is Riley's incremental borrowing rate at signing? Interest is accrued annually.

Reference no: EM132385681

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