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Write the journal entry at the date of purchase

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Reference no: EM132419469

Problem: Sarasota Corporation purchased a computer on December 31, 2019, for $109,200, paying $31,200 down and agreeing to pay the balance in five equal installments of $15,600 payable each December 31 beginning in 2020. An assumed interest rate of 9% is implicit in the purchase price.

Required:

Question 1: Write the journal entry at the date of purchase.

Question 2: Write the journal entry at December 31, 2020, to record the payment and interest (effective-interest method employed).

Question 3: Write the journal entry at December 31, 2021, to record the payment and interest (effective-interest method employed).

Reference no: EM132419469

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