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Question - XXX Company purchased a machine to be used in constructing bridges. To finance the purchase, the company obtained a $100,000, 4-year, zero-interest-bearing note from their local bank. The company's incremental borrowing rate is 10%.

Using the attached T-account template, prepare the entry to recognize the machine purchase and the debt acquired.

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  • Category:- Accounting Basics
  • Reference No.:- M92512642
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