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MBA, Ph.D in Management
Harvard university
Feb-1997 - Aug-2003
Professor
Strayer University
Jan-2007 - Present
On 3/31/16, a Company delivered an equipment costing $75,000 to a customer in exchange for a promissory note of $100,000 payable in 4 years with annual interest payment of 5%, when the market rate of interest was 7%.Â
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Required:Â Provide all relevant journal entries that the Company should record for the above, in 2016, assuming that the Company uses a perpetual inventory system and has Dec. 31 year-end.Â
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