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Business, 03.04.2020 23:07 summer132

Cardinals Corporation purchased a computer on December 31, 2019, for $105,000, paying $30,000 down and agreeing to pay the balance in five equal installments of $15,000 payable each December 31 beginning in 2020. An assumed interest rate of 10% is implicit in the purchase price. Prepare the journal entry at the date of purchase

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